Star Bulk raises €107.8 million in Greece — Cyprus Mail
Shipping company Star Bulk Carriers raised €107.8 million through a public share offering in Greece and a parallel listing on Euronext Athens. Cyprus Mail reports that the transaction was described as the first of its kind for the Athens exchange.
Demand for shares
The offering price was set at €24.50 per share. Demand fully covered the offering on the first day and ultimately exceeded its volume by more than six times.
The total volume of applications amounted to about €656.3 million. More than 7,500 investors took part in the offering, including retail and qualified investors, as well as international institutional investors.
Listing on two exchanges
Star Bulk Carriers operates in dry bulk shipping and has a diversified fleet that sails on major international trade routes. Its Nasdaq listing remains in place, while its entry onto Euronext Athens is intended to provide the company with additional access to European investors and strengthen its visibility among European maritime and investment communities.
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According to AXIA Ventures Group, Star Bulk is the largest U.S.-listed dry bulk shipping company by market capitalization and fleet size, and the third largest globally in the sector.
AXIA’s role and the index
AXIA Ventures Group, part of Alpha Bank Group, acted as adviser and coordinator for the transaction. The company served as lead adviser, joint coordinator and bookrunner for the offering.
Star Bulk is expected to be included in the FTSE/ATHEX Large Cap index during the next semiannual review. If so, it will become the first international shipping company in the index. Alexandros Argyros, managing director of AXIA and co-head of its investment banking division, said the deal opens the way for global shipping companies with strong Greek roots to connect with Greece’s capital markets.
