Navios Maritime Containers is moving forward with its marketing roadshow in a bid to become principal Angeliki Frangou's fifth US-listed company.
The Angeliki Frangou-backed boxship specialist today said it would attempt to sell 5.3 million shares in the United States at a target price range of $18 to $20 per unit.
The company, which filed its initial prospectus with the SEC in June, has applied to list them on the Nasdaq Global Select Market as “NMCI.”
The Navios vehicle will try to become the first shipowner to complete a conventional IPO in the US in more than three years, dating to Gener8 Maritime's flotation in June 2015. Dry-trade owner GoodBulk Ltd attempted to list in June but "postponed" the deal on pricing and demand concerns.
Navios is making the earliest possible approach to investors following the Labor Day holiday in the US -- traditionally the end of the summer no-go zone for offerings.
Navios Containers has given underwriters for the IPO the option, exercisable over 30 days, to buy up to 789,474 more common units.
Navios Maritime Containers currently trades on Norway's over the counter exchange, where its closing price was the equivalent of $15.18 on 31 August.
The company plans to put the money toward a 2006-built, 6,800-teu containership from Navios Maritime Partners and four 2011-built, 10,000-teu boxships from an unrelated third party.
Navios Containers said acquisition of these ships is not guaranteed as the purchase agreements are subject to the IPO's completion and other conditions.
J.P. Morgan Securities LLC, BofA Merrill Lynch, Citigroup and Clarksons Platou Securities, Inc. will act as joint book-running managers for the offering.
Navios Containers was set up in April 2017 as a growth vehicle with an over the counter listing in Oslo, tapping an exchange known for fast access to capital. It has built an on-the-water fleet of 25 feeder containerships.
Frangou told TradeWinds in December she planned to list the boxship vehicle in the US.
