Marinakis' Capital Maritime Finance Debuts Successfully on Euronext Athens
Cubierto por 3 fuentesPublicado
- Trade newsEvangelos Marinakis wins prominent Greek backers for Euronext Athens IPO
- lloyds listMarinakis set to launch Capital Maritime Finance on historic Athens IPO
- lloyds listCapital Maritime Finance raises €300m in landmark Athens offering
- lloyds listMarinakis’ boxship IPO in Athens begins
- Trade newsMarinakis boxship firm raises full €300m in over-subscribed Athens IPO
- Hellenics Shipping newsCapital Maritime Finance: Historic Listing on Euronext Athens, with Unprecedented Participation from Retail Investors
Greek shipowner Evangelos Marinakis, head of Capital Group, confirmed the listing of his new container shipping company Capital Maritime Finance (CMF) on Euronext Athens, aiming to raise up to €300 million, equivalent to $337 million according to one outlet and $336 million according to another.
A modern fleet under construction
The public offering presents investors with a pro forma fleet of 36 feeder and neopanamax container vessels built since 2023, of which 23 units are under construction for delivery over the next two years, at an estimated cost of $1.8 billion.
Subscription and oversubscription
The offering was launched with a price range of between €7 and €7.68 per share, with an initial target of raising $250 million to finance part of the newbuilding program. In the end, CMF managed to place the full €300 million sought, in a deal that was oversubscribed more than four times.
Final placement results
Total demand reached €1.1 billion, leading to an increase in the size of the offering from €250 million to €300 million. The final price of the new shares was set at €7.50, below the maximum possible level, and 40,000,000 new shares were allotted, equivalent to a free float of approximately 28.6%. Greek retail investors took part in unprecedented numbers, with around 14,000 subscriptions -half of the active investment accounts on Euronext Athens- and received 20,546,668 shares, 67% of the new shares allotted, against total retail demand of 61,598,531 shares. Institutional investors, both Greek and foreign, received 10,120,000 shares (33% of the total), with demand of 73,808,234 shares, while the Vardinogiannis, Mytilineos, Peristeris and Kokkalis groups acted as anchor investors with a combined investment of €70 million, equivalent to 9,333,332 shares and 23.3% of the total offering.
First primary listing of a shipping company
The placement marks the first exclusive primary listing of a shipping company on Euronext Athens' regulated market, following two recent secondary listings of bulk carrier shipowners on the Greek bourse, and represents the third company Marinakis has taken public.
