Share this article above
(NEW YORK)–Navios Maritime Containers files with the SEC to raise $100 million in an initial public offering.
Navios Maritime Containers disclosed in a new SEC filing Friday that they plan to raise $100 million in an IPO, which which is indicated to traded under the symbol “NMCI”.
The Monte Carlo, Monaco-based company was founded in 2017 and booked $69 million in sales for the 12 months ended March 31, 2018. The company plans to use the proceeds raised in the IPO to acquire up to five additional containerships.
“We generate our revenues by chartering our vessels to leading liner companies pursuant to fixed-rate time charters. Under the terms of our charters, we provide crewing and technical management, while the charterer is generally responsible for securing cargoes, fuel costs and voyage expenses. After giving effect to the acquisition of five containerships that we intend to acquire with the proceeds from this offering, and including the two containerships of which we took delivery on July 2, 2018, we will have grown our fleet to 30 vessels with an aggregate carrying capacity of 166,338 TEU and an average fleet age of 9.8 years. Additionally, we have options to acquire four additional containerships, which would expand our fleet further.”
The lead runners behind this offering are JPMorgan, Bank of America Merrill Lynch, Citigroup, Clarksons Platou Securities and S. Goldman Advisors LLC.
IPO Investor Newsletter
Looking for new IPO opportunities? Join Ludlow Research investor mailing list to get updates on new IPO’s, and research alerts on private equity deals. https://ludlowresearch.com/investors