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Poseidon Containers launches IPO on NYSE

Athens: Greece’s Poseidon Containers Holdings has begun its initial public offering on the New York Stock Exchange, through which the company hopes to raise up to $283m.

Some 15,380,000 common shares will be offered with an estimated price range of $14.00 to $16.00 per share, and will be listed under the symbol PCON.

The offering’s underwriters also have a 30-day option to purchase up to 2,307,000 additional common shares.

The net proceeds from the offering will be used in part to purchase four containerships, for which Poseidon has already signed a purchase agreement.

Alternatively, proceeds may also be partly used to buy more “high-specification” fuel-efficient containerships, or else buy two secondhand boxships and the newbuilding contracts for two more.

Any cash not used for fleet expansion purposes will be used for general corporate purposes, Poseidon said today.

Poseidon was founded by George Giouroukos, the owner of Technomar, and Kelso & Maas Capital Investments.

The Piraeus-based company has a fleet of 18 containerships, consisting of five handymaxes, two panamax and 11 post-panamaxes, which together have an average age of 11.3 years.

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

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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