Heogh Autoliners has applied to move its shares to the Oslo Stock Exchange less than four months after its initial public offering on a junior stock market.
The shares currently trade on the Euronext Growth, an exchange for small and medium-size companies to access public equity markets.
The car carrier owner and operator listed its shares on that exchange in November as part of a $152m initial public offering. That deal valued the company at $444m.
Hoegh Autoliners said at the time that it would look to move to Oslo’s main exchange within six months. It would become one of 212 companies on the bourse if its shares are approved.
In that time, the Norwegian shipowner’s share price has risen nearly 37% to NOK 28.63 ($3.28) apiece.
The company operates a fleet of 40 pure car/truck carriers (PCTCs), including 27 owned vessels.
The outfit has been benefitting from strong market conditions in the car carrier sector, as it benefits from strengthening trade balances, utilisation and margins.
In February, Hoegh Autoliners reported net profit of $140m for the fourth quarter of last year, a tenfold increase on the $13.9m earned in the same period of 2020. Revenue surged to $271m from $230m a year earlier.
For the full year, the shipowner delivered a profit of $124.8m on revenue of $947m, reversing a $18.7m loss from a year earlier on revenue of $737m.
