Navigator Holdings Ltd. (NYSE: NVGS) announced the pricing of a secondary public offering of 8 million shares of common stock at $17.50 per share by selling shareholder BW Group Limited. The offering is expected to close on March 23, 2026, subject to customary closing conditions.

Navigator Gas will not offer any shares in the secondary offering and will not receive proceeds from the sale. The company stated that BW Group Limited serves as the selling shareholder for the transaction.

Concurrently, Navigator Gas plans to repurchase 3.5 million shares from the underwriters at the same $17.50 per share price. The company will fund the share repurchase with cash on hand and will not pay underwriting discounts or commissions on the repurchased shares. The company's board of directors approved the repurchase terms.

The share repurchase is contingent upon completion of the secondary offering and satisfaction of customary closing conditions. The repurchase is expected to close simultaneously with the secondary offering, though the offering's completion does not depend on the repurchase.

Citigroup, DNB Carnegie, Fearnley Securities and Pareto Securities serve as joint book-running managers for the secondary offering.

Navigator Gas operates what it describes as the world's largest fleet of handysize liquefied gas carriers. The company provides seaborne transportation services for petrochemical gases including ethylene and ethane, liquefied petroleum gas and ammonia. The fleet consists of 55 semi- or fully-refrigerated liquefied gas carriers, with 26 capable of carrying ethylene and ethane.

The offering utilizes a shelf registration statement filed with the Securities and Exchange Commission on June 28, 2023, and declared effective on July 11, 2023.