Crude Carriers Corp. raised $256.5 million in its initial public offering, the Greek shipping company said Thursday.
The 13.5 million shares in the offering priced at the bottom of their expected range of $19 to $21.
Crude Carriers is the second shipping firm to go public this week, following Baltic Trading Ltd. on Wednesday. Both plan to use proceeds to buy ships.
This year, 11 IPOs have priced below expectations, and only seven have priced within the range initially set by the company and its underwriters, according to data from IPO research firm Renaissance Capital. None have priced above.
A volatile stock market and economic worries have made it harder to sell investors on IPOs, which are perceived as riskier than publicly held companies.
Crude Carriers shares are expected to begin trading on the New York Stock Exchange under the symbol "CRU" on Friday.
