Friday, March 30, 2012

Reuters: Global Markets: GasLog shares fall on market debut

Reuters: Global Markets
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GasLog shares fall on market debut
Mar 30th 2012, 14:18

Fri Mar 30, 2012 10:18am EDT

(Reuters) - Shares of liquefied natural gas carrier operator GasLog Ltd (GLOG.N) fell as much as 12 percent in their market debut a day after pricing below its indicated range.

On Thursday, the company had priced its offering at $14 apiece.

Monaco-based GasLog had expected to offer 23.5 million shares priced between $16 to $18 apiece.

At the IPO price, the company raised $329 million from the offering. It plans to use the proceeds to make installment payments on its eight new LNG carrier construction contracts.

The company, which is controlled by Greek shipping magnate Peter Livanos, said it intends to pay a quarterly dividend of 11 cents per share commencing in the fourth quarter of 2012.

For 2011, GasLog posted a profit of $13.7 million on revenue of $66.5 million -- 99 percent of which came from BG Group.

Goldman Sachs, Citigroup, J.P. Morgan and UBS are lead underwriters to the offering.

Shares of the company were trading at $12.57 on Friday morning on the New York Stock Exchange.

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