Baltic Trading (BALT) Shares Dip Slightly After IPO
By Daniel James Hayden IV
March 10, 2010 1:15 PM
March 10, 2010 1:15 PM
Baltic Trading LTD (NYSE: BALT) shares were down slightly on Wednesday from its IPO price of $14.
The IPO was priced within the expected range of $14 and $16, when the New York-based dry bulk shipper sold 16.3 million shares for $14 each, or $228.2 million in total.
Baltic Trading was formed by Genco Shipping & Trading (NYSE: GNK) in October 2009 and will operate six cargo ships.
Genco Shipping & Trading will continue to manage Baltic Trading, shipping commodity products such as coal, grain, iron ore and steel products.
The company's results are expected to be closely linked to any economic recovery.
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