Excel Maritime Carriers announces Oceanaut Inc. IPO

Excel Maritime Carriers announces Oceanaut Inc. IPO Excel Maritime Carriers Ltd., traded on New York Stock Exchange under EXM, on Tuesday announced the initial public offering of Oceanaut Inc. with 18.75 million units at an offering price of $8 per unit.
   Excel, an owner and operator of dry bulk vessels, is the sponsor and owner of about 18.9 percent of Oceanaut shares. The IPO and private placement generated gross proceeds of about $161 million to Oceanaut. Before the IPO closed, Oceanaut consummated a private placement of 1.125 million units at $8 per unit and 2 million warrants at $1 per warrant.
   Excel established Oceanaut to increase its opportunities in the shipping industry that would otherwise not be possible without significant changes to their capital structure. It will also allow Excel to diversify into other sectors of the shipping industry beyond dry bulk. Oceanaut was formed with the purpose of acquiring capital stock exchange through a merger, asset acquisition, vessel purchase or one or more businesses in the shipping industry.
   Citigroup Global Markets Inc. acted as the sole book-running manager and Maxim Group LLC acted as co-manager for the IPO.