Icon Energy Corp. (ICON) Plans to Raise $6 Million in June 26th IPO

Icon Energy Corp. (ICON) is planning to raise $6 million in an initial public offering on Wednesday, June 26th, IPO Scoop reports. The company will issue 1,300,000 shares at $4.00-$6.00 per share.

In the last year, Icon Energy Corp. generated $4.5 million in revenue and $1.2 million in net income. Icon Energy Corp. has a market-cap of $7.3 million.

Maxim Group LLC acted as the underwriter for the IPO.

Icon Energy Corp. provided the following description of their company for its IPO: ” We are an international shipping company that was recently incorporated in the Republic of the Marshall Islands for the purpose of acquiring, owning, chartering and operating dry bulk vessels. We provide 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. 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, which was built in Japan in 2006. We refer to this vessel throughout this prospectus as our “Initial Vessel.” We intend to charter our vessels to regional and international dry bulk operators, commodity traders and end users, primarily on time charters (either index-linked or fixed rate) or voyage charters, depending on market conditions, opportunities available to us, and other strategic and tactical considerations. 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.  Overall responsibility for the management of Icon Energy rests with our Board of Directors. Our Board of Directors has organized the provision of management services through Pavimar Shipping Co. (“Pavimar”), a ship management company incorporated in the Republic of the Marshall Islands, with a branch office in Greece established under the provisions of Greek Law 27 of 1975 (“Law 27 of 1975”). Pavimar is controlled by our Chairwoman and Chief Executive Officer, Mrs. Ismini Panagiotidi. Note: Net income and revenue are in U.S. dollars for the year that ended Dec. 31, 2023. (Note: Icon Energy Corp. filed its F-1 on May 14, 2024.) “.

Icon Energy Corp. was founded in 2023 and has 0 employees. The company is located at c/o Pavimar Shipping Co., 17th km National Road Athens-Lamia & Foinikos Str. 14564, Nea Kifissia, Athens, Greece and can be reached via phone at +30 211 88 81 300 or on the web at https://www.icon-nrg.com/.

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