GasLog shares underwater after IPO

Not the shiniest of debuts.

Shares of liquefied natural gas carrier operator GasLog were under water on their first day of trading. On Thursday, the company had priced its IPO at $14 a share. Monaco-based GasLog, controlled by Greek shipping magnate Peter Livanos, had expected to offer 23.5 million shares priced between $16-18 apiece. The company raised $329 million and plans to use the proceeds to make installment payments on its eight new LNG carrier construction contracts.

GasLog hopes to lure income investors by offering an initial quarterly dividend of 11 cents per share, starting in the fourth quarter. For 2011, GasLog had a profit of $13.7 million on revenue of $66.5 million, a 65% sales hike from the $40 million it posted in 2010. About 99% of its revenue last year came from a single customer, U.K. multinational oil and gas company BG Group. The company has seen steady profit growth, with a 25% spike last quarter, to 5 cents a share, on a 67% year-over-year rise in revenue to $16.6 million.

GasLog (GLOG : NYSE : US$12.41), Net Change: -1.59., % Change: -11.35%, Volume: 12,593,988

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