Paragon Shipping aims for US$200 million in Box Ships IPO

GREEK carrier Paragon Shipping aims to raise US$200 million in a listing of 10 million shares, valued at US$15 to $17 on the New York Stock Exchange for its containership arm Box Ships, Inc.


The proceeds of the flotation, valued at $147 million will fund an initial fleet of six containerships, reports Newark's Journal of Commerce. Further shares of 1.5 million shares will be sold after with borrowing of $130 million for additional vessel acquisitions.


So far the fleet will number two of Paragon's 3,400-TEU ships with a further four on agreement with third parties of which two are 5,100 TEU, another 4,500 TEU and another 6,500 TEU.
(Source:http://www.schednet.com)