Ultrapetrol Files for $175m IPO

According to the AP, shipping company Ultrapetrol (Bahamas) Ltd. plans to offer 12.5m shares at $13 to $15 each in a bid to raise about $175 million in its initial public offering. The company is the largest owner and operator of river barges and pushboats that transport dry bulk and liquid cargos through the Hidrovia region of South America, a network of waterways that connect Brazil, Bolivia, Uruguay, Paraguay and Argentina.

The Bahamas-based company runs an offshore supply business, operates six oceangoing vessels and runs two cruise ships with a total capacity of 1,600 passengers. The company filed its IPO on March 30 but details of the offering were not available. In 2005, the company earned $14.6 million on revenue of $125.4 million, up from $5.1 million on revenue of $95.2 million in 2004. Source: AP