Bermuda-based Arlington Tankers Ltd. has announced that it has filed a registration statement with the Securities and Exchange Commission (SEC) to make an initial public offering (IPO) of 11,450,000 of its common shares.

The company is aiming to raise approximately $183.8 million from the sale. They intend to use the proceeds of the sale, together with another $135 million they plan to borrow, to purchase a fleet of six mega-tankers designed to carry crude oil as well as a wide range of other oil products.

The estimated net proceeds from the sale are based on an assumed public offering price of $17.50 per share, after deducting underwriting discounts and estimated offering expenses.

Arlington was incorporated in Bermuda in September and is a jointly owned subsidiary of Swedish shipping companies Stena AB, and Concordia Maritime AB, a Stena affiliate. Stena is one of the largest privately held companies in Sweden with over 6,700 employees and Concordia has been involved in the shipping business for over 20 years.

Approximately 73.9% of the shares to be outstanding after the offering will be held by public shareholders and approximately 26.1% will be held by subsidiaries of Concordia and Stena.

UBS Investment Bank and Jefferies & Company, Inc. are acting as lead managers for the offering and Bear, Stearns & Co. Inc., Fortis Securities LLC and HSBC are acting as co-managers.