Poseidon goes public: Shipping company sets terms for $231 million IPO

Poseidon Containers Holdings, a containership operator with an initial fleet of 18 vessels, announced terms for its IPO on Tuesday.

The Kifissia, Greece-based company plans to raise $231 million by offering 15.4 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Poseidon Containers Holdings would command a fully diluted market value of $517 million.

The last shipping company to go public was Gener8 Maritime (GNRT), which now trades 2% above its IPO price.

Poseidon Containers Holdings, which was founded in 2010 and booked $103 million in sales for the twelve months ended March 31, 2015, plans to list on the NYSE under the symbol PCON. Morgan Stanley, Deutsche Bank, UBS Investment Bank, Citi, Jefferies and ABN AMRO are the joint bookrunners on the deal. It is expected to price during the week of July 27, 2015.