Maritime bulk carrier Himalaya Shipping (HSHP) has upsized its proposed initial public offering to $45M from $10M.
Himalaya said in an SEC filing that it was now looking to offer $45M in stock, which includes around $6.8M shares granted under the underwriters over-allotment option.
The shipping company said that it expects the shares to be priced at or near the closing price of its shares listed on Euronext Expand in Norway. Those shares closed at the equivalent of $5.74 per share on March 24.
Himalaya’s shares have been approved to be listed on the NYSE under the symbol HSHP.
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.
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.