Navios Maritime Containers will convert into a limited partnership in a second attempt to become a New York-listed boxship player.
Sister MLP Navios Maritime Partners plans to give 2.5% of the container-focused growth vehicle to its shareholders as part of a move to list the future MLP on the Nasdaq Global Select Market, according to a regulatory filing.
The Angeliki Frangou-backed owner of 26 boxships is currently trading on the Oslo Stock Exchange's over-the-counter market as NMCI.
Following the conversion, Navios Containers will consist of 34.6 million outstanding shares.
Both companies said there is "no assurance" that the proposed Navios Containers US listing, which will also trade as NMCI, will be achieved.
If it is successful, Navios Partners will own 33.5% of Navios Containers following distribution of 6.9% of its overall stake through an expected transfer of 855,050 shares.
Navios Partners currently has 171 million outstanding shares.
Frangou-led parent company Navios Maritime Holdings, which oversees a stable of five shipping listed shipping companies, will have its own stake of 3.7%, an SEC filing shows.
Nasdaq or bust
Navios Containers' latest shot to join the Nasdaq family follows last month's unsuccessful $121m IPO attempt as an LP.
In early September, the 2017-launched boxship specialist tried to sell 5.3 million shares on Nasdaq at a target price range of $18 to $20 per unit.
As part of that effort, the company delisted from the Norwegian OTC market but then returned to the trading venue a few days later after the unsuccessful IPO ploy.
The Navios Maritime group spin-off's miss at Nasdaq follows a similar unsuccessful try by Monaco-based Goodbulk in June, reflecting US stock markets' high barrier for substantial deals involving top-notch shipowners.
This story was amended to reflect that Navios Containers will turn into a limited partnership.
