GoodBulk, an international drybulk shipping company with a fleet of 27 vessels, officially withdrew its plans for a US initial public offering on Tuesday, December 31, according to Nasdaq. It had last filed in June 2018 to raise $140 million by offering 8.5 million shares at a price range of $15.50 to $17.50, targeting a market cap of $628 million, but postponed the offering.
The Monaco-based company was founded in 2016 and booked $89 million in revenue for the 12 months ended March 31, 2018, according to Nasdaq. It had planned to list on the Nasdaq under the symbol GBLK. Morgan Stanley and Credit Suisse were set to be the joint bookrunners on the deal.
