Greek shipping company Icon Energy Corp. (ICON) priced its tiny IPO at $4.00 – the low end of its range. The company sold 1.25 million shares – as expected – at $4.00 each to raise $5 million on Thursday night, July 11, 2024. The price range was $4.00 to $6.00. ICON Energy’s stock slipped at the opening to start trading at $3.80 – down 20 cents from its IPO price – in its NASDAQ debut on Friday, July 12, 2024.
Maxim Group was the sole book-runner.
Icon Energy Corp., based in Athens, is an international shipping company that provides worldwide seaborne transportation services for dry bulk cargo, including “major bulks” such as iron ore, coal, grains and bauxite, and “minor bulks” such as steel, sugar, fertilizers, cement and scrap metal, the prospectus says.
“Upon completion of this offering, we will own one Panamax dry bulk vessel, named the M/V “Alfa” with a carrying capacity of approximately 77,326 dwt,” the prospectus says. (Dwt stands for dead weight tonnage – the weight that the ship can carry.) The ship was built in Japan in 2006.
“Our Initial Vessel is currently employed by an international commodity trading conglomerate, on a time charter expiring between October 2025 and February 2026, at a floating daily rate linked to the Baltic Panamax Index,” the prospectus says.
The company is incorporated in the Marshall Islands.
Pavimar Shipping Co., which “is controlled by our Chairwoman and Chief Executive Officer, Mrs. Ismini Panagiotidi,” manages Icon Energy, the prospectus says.
Icon Energy is profitable. For the year that ended Dec. 31, 2023, ICON Energy reported net income of $1.16 million on revenue of $4.48 million, according to the prospectus.
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