Euronext Oslo Børs has received Volare Shipping’s application for admission to trading on the Norwegian stock exchange.
The company previously announced a directed new share issue of up to approximately USD 500 million ahead of the listing. The subscription price has been set at NOK 154 per share, corresponding to a pre-money valuation of approximately NOK 6.1 billion.
The capital will, among other things, finance investments in eight newly built VLCC vessels and reduce debt. Volare Shipping has a total of 14 VLCC vessels, of which six are in operation.
Trading was previously planned to begin around 5 October under the ticker VLCC, subject to approval and completion of the capital raising.
Volare Shipping was established and is majority-owned by commodity trading giant Trafigura.
