ASC IPO Preview July 2013

Ardmore Shipping Corporation (ticker ASC) is currently out on its IPO roadshow and looking to raise $160 million by selling 10 million shares (before the over-allotment) at a mid-point price of $16 with an indicative yield of 2.5%. They currently expect to price the deal July 31.

Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with our modern, fuel-efficient fleet of mid-size product and chemical tankers. Their fleet consists of 12 vessels including eight in operation and four on order with deliveries expected to begin in January 2014. ASC is strategically focused on modern, fuel-efficient mid-size product and chemical tankers.

UPDATE: ASC priced at $14 12.5% below the mid-point price.

ASC is similar in business to some of the Marine / Shipping MLPs; however, it will not be added to the MLP Protocol universe.

About Philip Trinder

President of MLP Protocol, investor, trader, and proponent of Master Limited Partnerships.
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