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Poseidon Containers launches IPO in New York

Poseidon Containers launches IPO in New York
Container carrier Poseidon Containers Holdings Corp has launched its initial public offering (IPO) on the New York Stock Exchange (NYSE) on Tuesday, potentially raising up to $238m to fund its vessel acquisitions.

A total of 15.38m common shares will be offered at a price range of $14-16 per share, and the underwriters will be granted a 30-day option to purchase up to 2.307m additional common shares.

“The company expects to use the net proceeds of the offering to fund a portion of the contracted purchase price of four containerships that it has agreed to acquire and to fund either a portion of the purchase price of additional high specification or new design fuel-efficient containerships or the company’s acquisition of two additional containerships and the newbuilding contracts for the construction of two further containerships,” the company said.

“Any amounts not used for such purposes are expected to be used for general corporate purposes,” it added.

Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., UBS Securities LLC, Citigroup Global Markets Inc., Jefferies LLC, and ABN AMRO Securities (USA) LLC are acting as joint book-running managers for the IPO. DVB Capital Markets LLC, Credit Agricole Securities (USA) Inc., and UniCredit Capital Markets LLC are acting as co-managers.

At present, Poseidon Containers has a fleet of 19 containerships, consisting of five handymax vessels, two panamax vessels and 12 post-panamax vessels, of which three are new designs, with an aggregate capacity of 95,717 teu and an average age of 11.5 years.