Navigator Holdings Ltd. (NYSE: NVGS) completed a secondary public offering of 8 million shares at $17.50 per share by selling shareholder BW Group Limited, the company announced. The transaction raised $140 million.

Navigator Gas did not offer any shares in the secondary offering and received no proceeds from the sale. The company simultaneously purchased 3.5 million shares from underwriters at the same $17.50 price, funded with cash on hand. The underwriters received no discount or commission on shares purchased by Navigator Gas.

The share repurchase was approved by Navigator Gas' board of directors and closed concurrently with the secondary offering. The repurchase was conditional on the completion of the secondary offering and satisfaction of customary closing conditions.

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

The offering was conducted under a shelf registration statement filed with the Securities and Exchange Commission on June 28, 2023, which became effective July 11, 2023.

Navigator Gas operates a fleet of 55 semi- or fully-refrigerated liquefied gas carriers, with 26 capable of transporting ethylene and ethane. The company provides seaborne transportation services for petrochemical gases, liquefied petroleum gas and ammonia. Navigator Gas also owns a 50% stake in an ethylene export marine terminal at Morgan's Point, Texas.