Poseidon Containers Holdings Corp is seeking to raise more than USD200 million through an initial public offering (IPO) and New York Stock Exchange listing.
In a revised registration statement filed on 21 July, the George Giouroukos-led company set an IPO pricing range of USD14-16/share. It is hoping to sell 15.38 million shares, with underwriters granted the option to sell an additional 2,307,000 shares.
At the mid-point of the target range, net proceeds after expenses are estimated at USD214.3 million, or USD246.7 million if the underwriter option is exercised in full.
Poseidon currently owns 19 container ships (12 post-Panamaxes, two Panamaxes, five Handymaxes) with an aggregate capacity of 95,717 teu.
The company has agreed to acquire four 8,063 teu container ships (two built in 2004, two in 2006) for USD219.2 million. All four have timecharters in place ranging in length from 3.1 to 3.3 years. Net IPO proceeds of USD85.8 million, together with USD131.4 million under a new credit facility, would be used to purchase these four vessels.
Net IPO proceeds of USD86 million would be allocated to purchase additional vessels. The company is in advanced discussions with unrelated third parties to purchase container ships in the 8,000-11,000 teu range. Furthermore, Poseidon will have the option to acquire related party Odyssia Containers Holding, which owns one 4,249 teu, 2012-built vessel and has three 9,115 teu newbuildings scheduled for delivery in August.
The predecessor company of Poseidon was founded in 2010 by Giouroukos together with private equity groups Kelso & Company and Maas Capital Investments.