Ocean Tankers covers IPO, asks for extension

Ocean Tankers Holdings Pcl has successfully covered its initial public offering but has requested an extension until November 8 in order to allow time to the CSE to open trading accounts for overseas investors, mainly Greek shipowners who are participating in the issue.

Ocean Tankers offered a total of 3 mln shares during the IPO at the price of $0.55 or CYP 0.2519 (EUR 0.4366) aiming to raise CYP 755.700 and according to confirmed reports has completed the issue at least one time.

All the irrevocable applications have also been purchased by investors, mostly Greek shipowning groups.

In view of the launch of the Common Trading Platform with the ASE on Monday October 30 and the inability of the CSE to process applications and open accounts mostly from overseas investors, Ocean Tankers received permission to extend the duration of the period of acceptance, which was to end on October 25 until November 8 to allow sufficient time to the CSE to process the applications.

Ocean Tankers will become the first ocean going shipping company to list on the CSE and the ASE.