According to a filing with securities regulatorsthe Greenwich, Connecticut-based hedge fund controls a 9.5% stake in the US VLGCoperator, which is looking to list on the New York Stock Exchange by way of an initialpublic offering (IPO).
The list of principal shareholders alsoincludes the likes of Scorpio Tankers (26.5%), Seacor Holdings (19.3%) and DorianHoldings (11.7%), which is owned by an investment vehicle with ties to chairmanand chief executive John Hadjipateras.
Researchers who started tracking thecompany when it began trading over-the-counter in Norway say they are not surprised to see Kensico mentioned in the disclosure since the firmhas been increasingly active in shipping as of late.
The hedge fund made TradeWinds headlineslate last month when it emerged as a major shareholder in Ardmore Shipping buthas been on the market’s radar ever since it secured a significant stake inScorpio Tankers.
Back in the day the company invested in OMI, whichincluded Scorpio president Robert Bugbee among its leading executives. Today, bothBugbee and Kensico co-founder Thomas Coleman sit on Dorian LPG’s board ofdirectors.
On Friday the LPG carrier operatoroutlined plans to launch an IPO in which it is looking to raise up to $287.5m. Accordingto a prospectus a portion of the proceeds will be used to help fund theconstruction of 19 newbuildings on order in South Korea.
Today, an equity analyst who has beenfollowing the company since its inception, Erik Nikolai Stavseth of ArcticSecurities, one of the investment banks that helped the owner raise money in Oslo,said he expects to see a New York listing in mid-April.
