Danaos Corp. Debuts on NYSE
The shares of Danaos Corporation commenced trading on the New York Stock Exchange as of Friday, October 6, 2006. With a market capitalization of approximately $1.2b and a current fleet of 27 containerships aggregating 116,115 TEUs, Danaos becomes the largest U.S. listed containership company in terms of fleet size and market capitalization and ranks among the largest containership charter owners in the world. Furthermore, the company has on order 16 additional containerships aggregating 84,704 TEUs with scheduled deliveries up to the end of 2009, all of which are already chartered to major companies for 12 years.On Thursday, October 5 the company priced its Initial Public Offering of 10,250,000 shares of common stock at $21.00 per share representing the mid point of the filing range and raising approximately $198.2 million net of underwriting discounts and commissions and the estimated offering expenses. Danaos has granted the underwriters a 30-day option to purchase up to an additional 1,537,500 shares of common stock to cover over allotments, if any, in which case the net proceeds of the offering may increase up to $228.4 million. Following the offering, there will be 54,557,500 shares outstanding which may increase up to 56,095,000 shares, if the underwriters option is exercised in full.
To celebrate this special occasion, Dr. John Coustas, President and Chief Executive Officer, Mr. Iraklis Prokopakis, Vice President and Chief Operating Officer, Mr. Dimitri J. Andritsoyiannis, Vice President and Chief Financial Officer visited the New York Stock Exchange on Friday, October 6, 2006 and rang the Opening Bell.