NEW YORK (AP) -- Shipping company Scorpio Bulkers boosted the size of its initial public offering and priced the offering at $9.75 per share, which is expected to raise $305.2 million in proceeds.
Scorpio sold 31.3 million shares. It originally planned to sell 15.5 million shares.
The company also granted the offering's underwriters -- Deutsche Bank Securities, Credit Suisse and RS Platou Markets AS -- a 30-day option to buy up to 4.7 million additional common shares, which would raise up to $45.8 million in additional proceeds.
Scorpio said it plans to use all of the offering's net proceeds to fund the construction of new ships.
The Monaco-based company's shares were set to start trading Thursday on the New York Stock Exchange under the symbol "SALT." The offering is expected to close on Tuesday.
Scorpio Bulkers provides marine transportation of dry bulk commodities. It has agreed to buy 52 dry bulk vessels that will be delivered starting in the second quarter of 2014 from shipyards in Japan, China and Romania.
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