UPDATE 1-Navios Maritime Partners sees IPO of 10 mln units

(Adds details)

Nov 1 (Reuters) - Navios Maritime Partners L.P. registered its initial public offering of 10 million common units, representing limited partner interests, at an estimated price of $19 to $21 each.

In an amended filing with the U.S Securities and Exchange Commission, the company recently formed by Navios Maritime Holdings Inc (NM.N) said it was offering 500,000 of its common units directly to a corporation owned by its chief executive officer, at the public offering price.

Upon the closing of the offering, Navios Maritime Holdings will own 43.2 percent interest in Navios Maritime Partners, the company said in the filing.

The Piraeus, Greece-based owner and operator of drybulk carriers said the proceeds from the offering would be used to fund a portion of the purchase price of the capital stock in the subsidiaries of Navios Maritime Holdings that own or have rights to vessels in the company's initial fleet.

The company said it granted the underwriters the right to buy up to 1.5 million additional units to cover over-allotments.

Navios said the lead underwriters of the offering would be Merrill Lynch & Co and JPMorgan.

The company reported earnings of $10.3 million, on time charter and voyage revenue of $33.3 million for the six months ended June 30, 2007.

For the year ending Dec. 31, 2008, the company sees earnings of $26.7 million, on time charter and voyage revenue of $68.7 million.

The company said its common units have been approved for listing on the New York Stock Exchange under the symbol "NMM." (Reporting by Aniruddha Basu, Bijoy Koyitty in Bangalore)