StealthGas has pocketed $47 million through the sale of its common stock at $10.50 per share. The US-listed petroleum company said it had offloaded 4.47 million shares in an underwritten registered offering, wrote TradeWinds.

The said shares were sold to institutional investors. Some companies connected with the family of Harry Vafias, the chief executive officer (CEO) of StealthGas, also bought shares. The sole underwriter for the transaction was Global Hunter Securities, the report detailed.

StealthGas plans to use the proceeds of the sale to acquire ships. A portion of the proceeds will fund capital expenditures and other general purposes of the company, the report added.

RS Platou Markets had recently recognized StealthGas as one of the stocks with the best year-to-date performance among 35 shipping firms. In March, the Greek petroleum company had transported the first two of the three batches of 2,300-cbm LPG carrier newbuildings which were ordered by Japanese firm Kyokuo Shipyard Corp, TradeWinds added.