Shares of Crude Carriers are falling in their market debut Friday after its initial public offering raised $256.5 million.
Crude Carriers, based in Greece, had hoped to raise as much as $270 million.
Shares are trading Friday at $18.50 per share, down 50 cents, or 2.6 percent from their offering price of $19.
The shares priced at the bottom of their expected range.
Crude Carriers Corp. is the second shipping firm to go public this week, following Baltic Trading Ltd. on Wednesday. Both plan to use proceeds to buy ships.
© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.