Ardmore Shipping shares close lower in IPO debut

Last Updated: Thu, Aug 01, 2013 21:45 hrs

.'s shares slipped Thursday in their first day of trading as a public company.

The Irish shipping company raised $140 million in its initial public stock offering, pricing 10 million shares at $14 each. That was below the expected range of $15 to $17 per share.

The company specializes in shipments of petroleum and chemical products. It plans to use the proceeds of the offering to pay for part of the company's new fleets and other general corporate purposes.

Ardmore gave the banks managing the IPO the option to buy another 1.5 million shares, which could increase the deal's proceeds.

Ardmore's shares listed on the New York Stock Exchange under the symbol "ASC."

Its stock closed down 50 cents, or 3.6 percent, at $13.50.

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