News Content
Navigator Holdings IPO Will Provide The Gas
Navigator Holdings Limited (NVGS), owner and operator of a fleet of handysize liquefied gas carrier vessels, plans to raise $203.4 million in its upcoming IPO. The London, UK-based firm will offer 11.3 million shares (including 26% insider shares) at an expected price range of $17-$19 per share. If the IPO can hit the midpoint of that range at $18 per share, NVGS will command a market value of $983 million. (Link)
NVGS filed on October 17, 2013.
Lead Underwriters: Jefferies LLC, Morgan Stanley & Co LLC
Underwriters: Evercore Group LLC, Fearnley Securities AS, Global Hunter Securities LLC, Stifel Nicolaus & Company Inc.
Summary
Navigator Holdings owns and operates the world's largest fleet of handysize liquefied gas carriers-vessels of a relatively low volume (15,000-24,999 cubic meters) that permits them to enter smaller harbors. The firm provides regional and international marine transportation of liquified petroleum gas, petrochemical gases and ammonia for customers that include energy companies, industrial users and commodity traders.
The NVGS fleet includes 31 semi- or fully-refrigerated handysize liquefied gas carriers, including eight vessels currently under construction and scheduled for delivery by December 2015. These newer vessels are highly fuel efficient and are designed to be convertible to run on liquefied natural gas, meaning that they will be able to meet the increasingly stringent environmental regulations being applied by carrier charterers.
Valuation
NVGS offers the following figures in its F-1 balance sheet for the nine months ending September 30, 2013:
Revenue: $167,031,162
Net Income: $30,102,527
Total Assets: $1,143,135,738
Total Liabilities: $589,660,038
Stockholders' Equity: $553,475,700
Since the installation of its current management team in 2006, NVGS has expanded its fleet from five to 23 vessels on-the-water and expects to grow to 31 vessels on-the-water by December 2015. The firm has shown growing revenues and profits over the same period. For the nine months ended September 30, 2013 and calendar 2012, NVGS reported net income of $30.1 million and $30.5 million, respectively, EBITDA of $76.8 million and $63.9 million, respectively, and operating revenue of $167.0 million and $146.7 million, respectively.
Business
NVGS must compete with other operators of handysize liquefied gas carriers. As of September 30, 2013, there were 15 major owners of handysize liquefied gas carriers in service and on order. NVGS is the largest of these firms in terms of shipping capacity. Naftomar Shipping and Trading is the second largest with nine vessels in service (179,000 cbm) and Solvang is the third largest with five trading vessels in the fleet (83,000 cbm).
Source: Seeking Alpha
NVGS filed on October 17, 2013.
Lead Underwriters: Jefferies LLC, Morgan Stanley & Co LLC
Underwriters: Evercore Group LLC, Fearnley Securities AS, Global Hunter Securities LLC, Stifel Nicolaus & Company Inc.
Summary
Navigator Holdings owns and operates the world's largest fleet of handysize liquefied gas carriers-vessels of a relatively low volume (15,000-24,999 cubic meters) that permits them to enter smaller harbors. The firm provides regional and international marine transportation of liquified petroleum gas, petrochemical gases and ammonia for customers that include energy companies, industrial users and commodity traders.
The NVGS fleet includes 31 semi- or fully-refrigerated handysize liquefied gas carriers, including eight vessels currently under construction and scheduled for delivery by December 2015. These newer vessels are highly fuel efficient and are designed to be convertible to run on liquefied natural gas, meaning that they will be able to meet the increasingly stringent environmental regulations being applied by carrier charterers.
Valuation
NVGS offers the following figures in its F-1 balance sheet for the nine months ending September 30, 2013:
Revenue: $167,031,162
Net Income: $30,102,527
Total Assets: $1,143,135,738
Total Liabilities: $589,660,038
Stockholders' Equity: $553,475,700
Since the installation of its current management team in 2006, NVGS has expanded its fleet from five to 23 vessels on-the-water and expects to grow to 31 vessels on-the-water by December 2015. The firm has shown growing revenues and profits over the same period. For the nine months ended September 30, 2013 and calendar 2012, NVGS reported net income of $30.1 million and $30.5 million, respectively, EBITDA of $76.8 million and $63.9 million, respectively, and operating revenue of $167.0 million and $146.7 million, respectively.
Business
NVGS must compete with other operators of handysize liquefied gas carriers. As of September 30, 2013, there were 15 major owners of handysize liquefied gas carriers in service and on order. NVGS is the largest of these firms in terms of shipping capacity. Naftomar Shipping and Trading is the second largest with nine vessels in service (179,000 cbm) and Solvang is the third largest with five trading vessels in the fleet (83,000 cbm).
Source: Seeking Alpha
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