A Stamford-based liquified petroleum gas shipping company announced it’s planning an $89 million public offering.
Dorian LPG Ltd., which is already publicly traded on the New York Stock Exchange, said Thursday it plans to sell 2 million shares of common stock valued at $44.50 per share.
It said the net proceeds of the offering will be used for “general corporate purposes.”
The company’s stock price, which closed at $50.30 on Wednesday, dipped in pre-market trading.
Dorian says it is an owner and operator of 25 “very large gas carriers” that transport liquefied petroleum gas globally. It has offices in Stamford, Copenhagen, Denmark, and Athens, Greece.
On May 22, the company reported that it generated $560.7 million in revenue during its latest fiscal year, which ended March 31. That was a sizable increase from the year-ago period, when it recorded $389.7 million in revenue.
Its net income during the fiscal year was $307.4 million, or $7.60 per diluted share, vs. $172.4 million, or $4.29 per diluted share, in the year-ago period.
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