Box Ships files for IPO of up to $195 million

BANGALORE (Reuters) – Box Ships Inc filed with U.S. regulators on Monday to raise up to $195 million in an initial public offering of common stock.

The newly formed international shipping company plans to sell 10 million shares for between $15 and $17 each.

The company said it would use proceeds from the offering to partially fund acquisitions of its fleet and as working capital. It intends to employ its ships for short- to medium-term time charters of one to five years.

Box Ship’s shares are expected to list on the New York Stock Exchange under the symbol “TEU.”

The underwriters, including Morgan Stanley, UBS Securities, ABN AMRO Bank and Stifel, Nicolaus & Company, can buy an additional 1.5 million shares to cover excess demand, the company said in a regulatory filing.

(Reporting by Aditi Sharma in Bangalore; Editing by Jarshad Kakkrakandy)

Box Ships files for IPO of up to $195 million