Ardmore Shipping shares slip in initial trading

AP News
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Posted: Aug 01, 2013 12:12 PM

Ardmore Shipping Corp.'s shares slipped in their first day of trading as a public company.

The Irish shipping company priced its initial public offering of 10 million shares at $14 per share. That was below the expected range of $15 to $17 per share. By midday Thursday its stock price had dropped 60 cents to $13.40.

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 underwriters the option to buy another 1.5 million shares for over-allotments.

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