Box Ships Inc., a shipping company newly formed by Paragon Shipping with an initial fleet of six containerships, announced terms for its IPO on Monday. The Athens, Greece-based company plans to raise $160 million by offering 10 million shares at a price range of $15 to $17. At the mid-point of the proposed range, Box Ships will command a market value of $242 million. Box Ships, which booked $5 million in pro forma sales since its inception in May 2010, plans to list on the NYSE under the symbol TEU. UBS Investment Bank and Morgan Stanley are the lead underwriters on the deal, which is expected to price during the week of April 11.
