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Diamond S Shipping Group Announces Launch of Initial Public Offering

Diamond S Shipping Group, Inc. yesterday announced the launch of its underwritten initial public offering of 14,000,000 common shares pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the “SEC”). The initial public offering price is expected to be between $14 and $16 per share. Diamond S Shipping Group will list its common shares on the New York Stock Exchange under the ticker symbol “DSG.” The Company will grant the underwriters a 30-day option to purchase up to an additional 2,100,000 shares at the initial public offering price.

Diamond S Shipping Group intends to use the net proceeds from the offering to fund a portion of the purchase price for ten newbuild product tankers being built by a Korean shipyard, with any remaining proceeds being used for other acquisition expenses and general corporate purposes.

Jefferies LLC and BofA Merrill Lynch are acting as joint book-running managers for the offering. DNB Markets, HSBC and SEB are acting as senior co-managers and Global Hunter Securities, Fearnley Securities and Stifel as co-managers.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. The common shares may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Source: Diamond S Shipping Group