Navios Acquisition is aiming to raise between $153.9m and $170.1m by selling 8.1m common units Navios Midstream expected to be priced at between $19 and $21.
Navios Midstream expects grant underwriters for the IPO a 30-day option on 1.215m additional units.
“The proceeds from the offering will be used primarily to fund a portion of the purchase price of the capital stock in the subsidiaries of Navios Acquisition that own vessels that will comprise Navios Midstream's initial fleet of very large crude carriers, or VLCCs,” Navios Acquisition said.
Navios Midstream is to be listed on the New York Stock Exchange.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc. and JP Morgan Securities LLC will act as joint book-running managers and representatives of the underwriters for the offering.
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