Euronav (EURN) IPO Opens Lower

Today's IPO for Euronav NV (NYSE: EURN) opened for trading at $12 after pricing its upsizing offering at $12.25. The size of the offering has been increased from the initially announced 13,550,000 ordinary shares to 16,260,000 ordinary shares. The Company has granted the underwriters a 30-day option to purchase up to an additional 2,439,000 ordinary shares.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers and as representatives of the underwriters for the initial public offering in the United States. DNB Markets, Inc., Evercore Group L.L.C. and Skandinaviska Enskilda Banken AB (publ) are acting as senior managers. ABN AMRO Securities (USA) LLC, Clarkson Capital Markets LLC, KBC Securities USA, Inc. and Scotia Capital (USA) Inc. and are acting as co-managers.

Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav's owned and operated fleet consists of 52 double hulled vessels being 1 V-Plus, 2 FSO vessels (both owned in 50%-50% joint venture), 26 VLCCs of which 1 in joint venture and 23 Suezmaxes (of which 4 in joint venture). The company's vessels mainly fly Belgian, Greek, French and Marshall Island flags.

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