Paragon Shipping, a newly created drybulk carrier operator, priced its offering of 10.3 million shares at $16, the low end of its proposed $16-$18 range. Paragon owns and operates a secondhand fleet of three Handymax and three Panamax vessels providing seaborne drybulk shipping of various cargoes, including iron ore, coal, grain, bauxite, phosphate and fertilizers. UBS Investment Bank and Morgan Stanley acted as joint book-running managers for the offering, and the stock is expected to commence trading on the NASDAQ under the ticker symbol "PRGN" on Friday.
