Stealthgas is selling 8m shares worth around $90m to fund for five vessels.
The Nasdaq-listed shipowner said it will use the cash for paying costs of three second-hand and two newbuilding LPG carriers, slated for delivery in May 2013 and the first half of 2014 each.
Sources estimated that the two newbuildings could be two of four 5,000-cbm and 6,500-cbm vessels on order at STX Offshore & Shipbuilding in Korea.
However, the second-hand purchases have not been announced yet.