Navigator Holdings, which is controlled by equity fund owner Wilbur Ross, soared a whopping 11 percent at the LPG carrier's launch on the New York Stock Exchange on Thursday, which puts the company's market value at approx. USD 1.1 billion, according to Reuters. The sale of 12 million shares raised USD 228 million.
Navigator was previously controlled by Lehman Brothers, which following its bankruptcy sold the company's 44 percent stake to Wilbur Ross in 2012. Ross subsequently increased his ownership stake to around 60 percent.