Navios Maritime Containers announces IPO terms

Navios Maritime Containers LP, an MLP formed by Navios Holdings to own contracted container ships, announced terms for its IPO on Wednesday.

Navios Containers LP is currently listed on the Norwegian OTC under the symbol NMCI, Renaissance Capital reports.

The Monaco-based company plans to raise $100 million by offering 5.26 million LP units at a price range of $18 to $20.

Containers
Photo: navios-mlp.com

At the midpoint of the proposed range, Navios Containers LP would command a market value of $335 million.

Navios Maritime Containers LP was founded in 2017 and booked $98 million in sales for the 12 months ended June 30, 2018.

It plans to list on the Nasdaq under the symbol NMCI. J.P. Morgan, BofA Merrill Lynch, Citi and Clarksons Platou Securities are the joint bookrunners on the deal. It is expected to price during the week of September 10, 2018.

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