September 19, 2018

Navios Containers pulls IPO

Greece-based Navios Maritime Containers (NMCI) pulled in mid-September a planned $121 million initial public offering (IPO) on the Nasdaq on weak investor interest.

NMCI had sought to sell 5.3 million common units in the US, representing limited partner interests in the company at a per share price of $18.00 to $20.00.

JP Morgan Securities, BofA Merrill Lynch, Citigroup and Clarksons Platou Securities had been mandated as joint book-running managers for the offer.

NMCI planned to use proceeds from the offering to partially finance acquisition of one 2006-built 6,800teu containership from Navios Maritime Partners, and four 2011-built 10,000teu containerships from an unrelated third party.

Agreements to acquire these vessels were subject to certain conditions, including completion of the IPO.

Navios, which has four other listed units, put its bets on growing demand for feeder containerships that move cargo to bigger, ocean-going vessels.

Growing trade tensions with China and higher fuel prices kept investors at bay.

Navios is the latest in a number of operators to push back listing plans, with the last shipping IPO more than three years ago.