Angeliki Frangou’s Navios Maritime Containers has commenced Its initial public offering in the United States.
The company plans to raise up to $121m through offering 5.26m common units and granting underwriters an option to purchase up to 789,474 additional common units on the Nasdaq Global Select Market. The initial public offering price is currently expected to be between $18 and $20 per common unit.
Navios Containers intends to use the proceeds from the offering to partially finance the acquisition of one 2006-built 6,800 teu containership from Navios Maritime Partners and four 2011-built 10,000 teu containerships from an unrelated third party.
J.P. Morgan Securities, BofA Merrill Lynch, Citigroup and Clarksons Platou Securities will act as joint book-running managers for the offering.
Since inception in 2017 with the acquisition of the entire Rickmers Trust fleet, Navios Containers has grown its fleet to 25 vessels.