The initial public offering (IPO) of Norwegian company Western Bulk did not raise as much cash for the company as expected. In fact, the company, which is owned by the Kistefos Group, only raised USD 126.1 million, compared to an expected USD 202.1 million, according to Lloyd's List.
34.7 million existing shares along with 20 million newly issued shares were offered at the IPO. The Kistefo Group now owns 58.3 percent of the total shares.
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