ECONOMY

Omega Navigation hopes to raise $220 million through IPO

WASHINGTON (Reuters) – Omega Navigation Enterprises Inc filed with US regulators on Friday to sell up to 12 million shares at an estimated $19 to $21 each in an initial public offering of Class A common stock. Omega, which maintains its principal offices in Greece, said that Jefferies & Co and JP Morgan would underwrite the IPO. The company expects to receive net proceeds of roughly $220.2 million to buy tankers and repay debt and for working capital and general corporate purposes. From Feb. 28, 2005, through Dec. 31, 2005, the company reported net income of $4.4 million on voyage revenues of $16 million. Chief Executive Georgios Kassiotis owns 100 percent of the company’s Class A stock and plans to own 0.1 percent after the offering.