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Ocean Yield IPO Price Cut Attracts More Buyers

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July 1
8:05 AM 2013
Ocean Yield Cuts Price For IPO
(Photo : Reuters)
The image shows a ship dry docking at a port.

The price cut for the initial offer for Ocean Yield caught the attention of potential buyers due to the noticeable cut in the price. Previous value projected was between 30 to 34 crowns per share. After the price cut, shares are now at 27 crowns per share due to Aker's intervention. Aker is a Norwegian based holding firm, owned by Norwegian business tycoon Kjell Inge Roekke, which handles the IPO for Ocean Yield.

The newly established IPO price now gives the company a value of around $589.6 million or around 3.6 billion crowns.

Ocean Yield provides services mainly for oil firms via delivery of equipment for offshore engineering purposes. Aker established a way for the ships to be used as investments to form a specialization in providing services not only to offshore engineering fields but for industrial shipping purposes as well.

The purpose of the IPO as established by Aker is to enable the growth of Ocean Yield.

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