Bulk carrier Himalaya Shipping (NYSE:HSHP) shares made their market debut Friday following the Bermuda-based company’s $45M US initial public offering.

Himalaya shares opened at $6.05, reaching a high of $6.12. The stock closed at $5.80, according to NYSE data.

Himalaya offered 7.7M shares priced at $5.80 per share. Underwriters were granted a 30-day option to buy up to 1.2M additional shares at the IPO price to cover over-allotments, according to the company.

Joint bookrunners for the deal include DNB markets, Clarkson Securities, ABG Sundal Collier ASA, Arctic Securities, BTIG and Fearnley Securities. Cleaves Securities is serving as co-manager.

The company’s shares are also traded on the Euronext Expand market in Norway under the symbol HSHP.

Founded in March 2021, Himalaya has one new fuel-efficient Newcastlemax dry bulk vessel in operation and 11 more under construction in China. While the company plans to sail the vessels worldwide, key routes will be Brazil to China and Australia to China.

Himalaya first filed for the IPO earlier this month, indicating it was seeking to raise around $10M.