SeaCube (BOX) is already showing cracks and it's yet to make its debut.
Initially, it filed for a $165 million offering and has since lowered the amount it's seeking to $135 million. Revenue has also fallen for the first six months of the year, even though earnings are up. Interest expense eats up one third of the revenue, making this a highly leveraged company.
Also, a large portion of the offering proceeds will go to the private equity investors. This ship may sink once it hits the aftermarket.--Written by Debra Borchardt in New York.
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