Navios MLP seals listing
Navios Maritime Midstream Partners has emerged victorious in its crusade to raise cash by way of an initial public offering (IPO) in New York.
Angeliki Frangou, chief executive of the Navios group of companies.
In a statement the Navios Maritime Acquisition Corp offshoot said it raked in approximately $121.5m from the sale of 8.1 million units that commanded $15.00 a piece.
The master limited partnership (MLP), which started trading on the New York Stock Exchange under the symbol “NAP” today, said this represent a 42.5\% stake.
“Following the IPO, Navios Acquisition expects to own approximately 55.5\% of the limited partner interest and the 2.0\% general partner interest in Navios Midstream,” it added.
In a note to clients Renaissance Capital, a Greenwich, Connecticut-based research firm that tracks the IPO market, pointed out that the price paid for the units sold during the fundraiser represents a 25\% discount when compared to an original target range of $19 to $21.00.
The campaign was backed by the likes of BofA Merrill Lynch, Citi, JP Morgan, Credit Suisse and Wells Fargo Securities, which served as lead managers of the offering. The underwriters have 30 days to exercise an option to purchase up to an additional 1.215 million units.
Navios Maritime Midstream Partners is led by Angeliki Frangou and headquartered in Monaco. Initally the MLP will oversee a fleet of four VLCCs and specliase in this segment but has identified product, chemical and LPG carriers as potential acquisition targets as well.
