Euronav to Raise $175 Million with New York Listing

BRUSSELS, Jan 20 (Reuters) – Belgian crude oil delivery group Euronav stated on Tuesday that it was going forward with its plan to listing shares on the New York Stock Exchange in a public providing price some $175 million.

Euronav had introduced its intention to listing in September however postponed the plans in October, citing unfavourable market circumstances.

The firm stated on Tuesday that it could listing 13.55 million shares and would proceed to commerce on each the Brussels and New York markets.

Its shares traded at 11.165 euros on Tuesday earlier than being suspended by the regulator pending the announcement, giving the corporate a valuation of round $1.5 billion.

Euronav stated it could use the web proceeds to extend its working capital and will purchase extra vessels.

The underwritten public providing is managed by Deutsche Bank, Citigroup, JP Morgan and Morgan Stanley as joint guide runners and DNB, SEB and Evercore Group as senior managers. (Reporting by Robert-Jan Bartunek; modifying by Barbara Lewis and Keith Weir)