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Yes! IPOs Are On the Way Back – Sort of

Individuals involved in the capital markets have recently opined that shipping IPOs will soon return as private owners have realized the advantages of being public in these capital constrained times. In the interim, Maxim Group and Further Lane Securities are currently circulating a private deal, which could, down the road, become an IPO. Pyxis Holdings, a company sponsored by Mr. Valentinos Valentis, intends to sell 15.5 million units, under Rule 144A, to qualified institutional buyers. Each unit will have an offering price of $10.00 and will consist of one share of common stock and 1/5 of one warrant to purchase a single common share. The exercise price for a warrant will be $11.50. Gross proceeds are anticipated to be $155 million. In addition, Mr. Valentis has agreed to purchase, concurrently with this offering, 2.2 million units, raising an additional $22 million in proceeds. Mr. Valentis, in addition, will receive $14.5 million in the form of Class A units in exchange for his contribution of the vessels in the existing fleet as well as 1,344,630 Class B subordinated shares and founder warrants. After the offering, Mr. Valentis will control about 24.3% of the shares.

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