Vancouver-headquartered Teekay Corp. (NYSE:TK) is launching an initial public offering of 10 million shares for its Teekay Tankers Ltd. subsidiary.
The IPO will represent 40% of Teekay Tanker's ownership interest and, subject to official approval, the company will trade on the New York Stock Exchange under the TNK symbol.
Upon closing of the IPO, Teekay Tankers will acquire from Teekay nine double-hull Aframax-class oil tankers, which an affiliate of Teekay will manage under a mix of spot-market trading and short- or medium-term fixed-rate time-charter contracts.
Within 18 months of the IPO, Teekay Tankers will have the opportunity to buy up to four Suezmax-class oil tankers.
Teekay's share price range during the past week: between $54.15 and $57; 52-week high: $63.69; 52-week low: $41.37.