US-based floating regasification specialist Excelerate Energy released up to 18.4M shares in its initial public offering (IPO)
The initial public offering of 16M shares of Class A common stock was released at a public price of US$24/share, with the company also granting its underwriters a 30-day option to purchase up to an additional 2.4M shares of the stock.
The shares began trading on the New York Stock Exchange 13 April 2022, under the ticker symbol EE, and the offering is expected to close 18 April 2022.
Houston, Texas-headquartered Excelerate is controlled by American billionaire George Kaiser, and the company said it expects to receive net proceeds of approximately US$362M, excluding the additional share buying option.
With the additional share buying option complete, the company said it received total net proceeds of about US$416.2 million, after deducting underwriting discounts and commissions.
In a separate statement, Excelerate said it has entered into a senior secured revolving credit facility with Excelerate Energy Limited Partnership that enables the partnership to borrow up to US$350 million over a three-year term which expires in April 2025.
The company’s SEC filings have valued the company at approximately US$2.54Bn; the company had a net income of US$41M on revenue of US$889M in 2021. Excelerate operates a fleet of 10 floating storage and regasification units (FSRUs).
In 2020, Excelerate completed the transition of its entire fleet of FSRUs to its wholly owned ship management arm, Excelerate Technical Management.
Excelerate president and chief executive Steven Kobos said, “Transitioning 10 ships in 10 months is a tremendous accomplishment in any year, but especially in 2020." Excelerate also initiated several precautionary measures to safeguard its crew and personnel during the Covid-19 pandemic.
In June 2020, Excelerate took delivery of Excelerate Sequoia from South Korea’s Daewoo Shipbuilding & Marine Engineering, expanding its fleet to 10 FSRUs – one of the largest in the world. Excelerate Sequoia, with a storage capacity of 173,400 m3, is capable of operating as both an FSRU and a fully tradeable LNG carrier. In September, Excelerate and Maran Gas Maritime signed a five-year bareboat charter agreement for the FSRU. Excelerate will have the option to purchase Excelerate Sequoia during the charter.
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