The IPO Buzz: Himalaya Shipping Prices NYSE Uplisting Deal at $5.80

Bermuda-based Himalaya Shipping Ltd. (HSHP) priced its public offering – in connection with its uplisting to the New York Stock Exchange – at $5.80 a share on Thursday night (March 30, 2023) – just 3 cents below its stock’s closing price on Monday (March 27, 2023) on the Euronext Expand in Oslo, Norway. Himalaya Shipping Ltd. priced 7.72 million shares – the number of shares in the prospectus – at $5.80 to raise $44.78 million. Its stock is expected to start trading today (Friday, March 31, 2023) on the New York Stock Exchange. Himalaya’s stock will continue to trade on the Euronext Expand as well – under the same symbol – HSHP – as on the NYSE. For the sake of clarity: “New York will be a secondary listing as the company is already enrolled on Euronext Expand in Norway,” as Nidaa Bakhsh wrote about the public offering in Lloyds List. In the IPO Profile of Himalaya Shipping on IPOScoop, the offering is described as a secondary offering – in connection with the company’s plan to list its stock on the NYSE. Himalaya Shipping, however, calls the offering its U.S. initial public offering – and some other financial services have also reported that this is an IPO. It is not. Himalaya Shipping’s stock was already trading on the Euronext Expand (in Norwegian Kroner) ahead of this offering. DNB Markets, Clarksons Securities, ABG Sundal Colliers, Arctic Securities, BTIG and Fearnley Securities were the joint book-runners on Himalaya Shipping’s U.S. public offering/NYSE uplisting deal. Himalaya Shipping Ltd., based in Hamilton, Bermuda, is an independent dry bulk carrier company with two dual fueled Newcastlemax vessels in operation and 10 dual fueled Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The 10 new ships are expected to be delivered between April 2023 and July 2024, the prospectus says. Meanwhile, IPO bankers were rushing on Thursday afternoon with plans to price several micro-cap deals after the close – ahead of the last trading day of the first quarter of 2023. Stay tuned.

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