PrincipalMaritime Tankers of the US on Wednesday unveiled plans to pursue an initial publicoffering (IPO) in which it is looking to raise up to $100m.
Accordingto a prospectus filed with securities regulators the Principal Maritime Management (Princimar) offshoot intends to list shares in New York under the symbol “PMAR”.
Proceeds from the fundraiser, which is backed by UBS, willlikely be used to repay a credit facility with an outstanding balance of roughly $360m and vessel acquisitions even though it doesn't have a particular target in mind.
“We
