ATHENS: Greece’s Poseidon Containers Holdings has begun its initial public offering on the New York Stock Exchange, through which the company hopes to raise up to $283m. Some 15,380,000 common shares will be offered with an estimated price range of $14.00 to $16.00 per share, and will be listed under the symbol PCON.
The offering’s underwriters also have a 30-day option to purchase up to 2,307,000 additional common shares. The net proceeds from the offering will be used in part to purchase four containerships, for which Poseidon has already signed a purchase agreement.
Alternatively, proceeds may also be partly used to buy more “high-specification” fuel-efficient containerships, or else buy two secondhand boxships and the newbuilding contracts for two more. Any cash not used for fleet expansion purposes will be used for general corporate purposes, Poseidon said today.
