Baltic Trading shares little changed in trading debut after IPO raises $228.2 million

Baltic Trading IPO little changed in trading debut

NEW YORK — Shares of Baltic Trading are little changed in their market debut Wednesday after the initial public offering raised $228.2 million.

Baltic Trading Ltd. was recently formed by drybulk shipper Genco Shipping & Trading Ltd. and is based in New York. The company plans to use the proceeds from its IPO to buy its first six ships.

It sold 16.3 million shares for $14 apiece late Tuesday. It had hoped to sell shares for up to $16 each.

Shares are unchanged at $14 in morning trading. The shares have traded between $13.61 and $14.12.

Baltic Trading is the first of two shipping companies expected to go public this week.

Oil tanker company Crude Carriers Corp., of Greece, hopes to raise $270 million in an IPO expected later this week.