Grindrod Shipping drops on secondary share offering

Grindrod Shipping Holdings

23/09/2021 13:57

** U.S.-listed shares of Grindrod Shipping Holdings  GRIN.O 
down ~7% after Singapore-based co prices secondary offering
    ** Dry bulk vessel operator late Weds announced ~1.8 mln
shares sold by existing holders at $13.50  urn:newsml:reuters.com:*:nGNX9RfLtm
    ** Offering price represents 14% discount to stock's last
sale
    ** Jefferies sole bookrunner, joined by Noble Capital as
co-manager
    ** Co has ~19.3 mln shares outstanding for ~$300 mln market
cap, and ~11.37 mln of public float, per Refinitiv data
    ** Stock has lost ~18% over the past week, but still up 274%
YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))