Box Ships raises $132 million
The containership owner Box Ships, a spinoff from the Athens-based dry bulk company Paragon, raised $132 million from an initial public offering of stock on Thursday.
The shares were priced at $12 per share, $4 per share less than the $16 midpoint envisioned in its preliminary prospectus filed earlier this month.
The company, however, sold 11 million instead of 10 million shares of stock and the option it granted to the underwriters to purchase additional shares was increased from 1.5 million to 1.65 million shares.
Michael Bodouroglou, the company's chairman, president and chief executive officer, purchased 114,000 of the 11 million shares sold in the IPO. Following the offering he owned about 11 percent of the company's outstanding common stock.
The company’s stock, which will be traded on the New York Stock Exchange under the symbol TEU, closed at $11 per share on Thursday. The TEU stock symbol was formerly used by CP Ships when it was a public company before being acquired by Hapag Lloyd in 2005.
Box Ships will have an initial fleet of six ships. Three of the ships are chartered to CSAV, two to CMA CGM and one to Maersk.
Box Ships raises $132 million
