Baltic Trading Ltd., the first of this week's two shipping companies expected to go public, priced its initial public offering at the bottom of its expected range.
Baltic Trading agreed to sell 16.3 million shares for $14 apiece Tuesday night, raising $228.2 million. It had hoped to sell shares for between $14 and $16.
The shares are expected to start trading Wednesday on the New York Stock Exchange under the symbol "BALT."
Baltic Trading was recently formed by drybulk shipper Genco Shipping & Trading Ltd. and is based in New York. The company plans to use the proceeds from its IPO to buy its first six ships.
Lead underwriters were Morgan Stanley and Dahlman Rose.
Oil tanker company Crude Carriers Corp., of Greece, hopes to raise $270 million in an IPO expected later this week.