Poseidon Goes Public

Containership operator Poseidon Containers Holdings Corp. launched on Tuesday its initial public offering of 15.4 million common shares targeting to raise $231 million in net proceeds.

The company will grant the underwriters a 30-day option to purchase up to 2.3 million additional common shares. The estimated price range for the offering is USD 14 to USD 16 per common share.

Poseidon said it 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. The funds would be streamlined 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 has applied to list its common shares on the New York Stock Exchange under the symbol “PCON.”

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 initial public offering. DVB Capital Markets LLC, Credit Agricole Securities (USA) Inc., and UniCredit Capital Markets LLC are acting as co-managers.

The company has a fleet of 19 containerships, comprising of five Handymax vessels, two Panamax vessels and 12 Post-Panamax vessels, of which three are new-designs, with an aggregate carrying capacity of 95,717 TEU and a TEU-weighted average age of approximately 11.5 years.

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