Historic Milestone for Greek Stock Market, Shipping Industry

Capital Maritime Finance IPO Delivers Strong Vote of Confidence in Athens

Gerasimos Kalogiratos, chairman of Capital Maritime Finance, described the company’s listing on Euronext Athens as a milestone for both the company and the Greek capital market as trading began on Oct. 20, calling it the first purely Greek shipping IPO.

The public offering was initially launched with a target of raising 250 million euros, but demand exceeded 1.1 billion euros, ultimately enabling the company to raise 300 million euros. Kalogiratos said the offering attracted interest from all investor categories, including Greek retail investors as well as domestic and international institutional portfolios.

He attributed the success of the offering to two factors. The first was Capital Maritime Finance’s profile, with a modern fleet, long-term charters and a clear dividend and growth policy. The second was the existence of a broad and mature investor base willing to invest in shipping companies listed in Athens, provided they have an appropriate corporate structure, strong corporate governance and an attractive investment proposition.

He placed particular emphasis on the prospect of strengthening Athens’ role in shipping finance.

“Athens is already a shipping center — that requires no proof. What today’s transaction establishes is that Athens is also a place where shipping companies can operate in the capital markets,” he said.

He also described the listing as a strong vote of confidence in Euronext Athens and the Greek banking and regulatory ecosystem.

The Capital Maritime Finance chairman thanked the underwriting syndicate, which included Piraeus Bank, Euroxx, Eurobank, National Bank of Greece, Optima, Credia, Pantelakis and Ambrosia, as well as the banks financing the company’s vessels, specifically mentioning ING, National Bank of Greece and BNP. He also thanked the legal advisers, auditors and Hellenic Capital Market Commission for their contribution to completing the transaction under tight deadlines.

He made special mention of the Capital team, which, he said, had successfully carried out a particularly demanding undertaking during the current year.

In closing, Kalogiratos stressed that the strong investor response also brought greater responsibility for the company.

“The confidence investors have shown in us honors us and commits us. The real work begins today,” he said. “We must deliver what we set out and presented to our investors and take the company further.”

New Avenues for Shipping

Nikos Koskoletos, chief financial officer and head of issuer relations at Euronext Athens, described the start of trading in Capital Maritime Finance shares on the exchange’s Main Market on Tuesday as an important milestone for both the company and the Greek capital market.

He noted that Capital Maritime Finance was the first shipping company to choose an exclusive listing on the Euronext Athens Main Market, without a parallel listing on another stock exchange. The decision, he said, highlighted the Greek capital market’s ability to attract companies with an international presence and ambitions, offering them access to investment capital and a broader investor base.

He placed particular emphasis on the response to the public offering, with total demand reaching 1.086 billion euros, more than 4.34 times the initial fundraising target of 250 million euros. Strong demand led to the amount raised being increased to 300 million euros, confirming, he said, investor confidence in the company, its strategy and the potential of the Greek market.

For Euronext Athens, the listing carries particular strategic importance because Greek shipping is one of the country’s most internationally recognized economic sectors, with a strong business tradition, a global presence and substantial financing needs. The aim, Koskoletos said, is to establish closer links between the shipping industry and the capital market, creating more opportunities for companies to raise funds and more investment options for investors.

He also stressed that Euronext Athens’ integration into the broader European Euronext ecosystem strengthens the prospects of the Greek market by connecting domestic companies with a wider European marketplace and a larger investment network.

The objective, he said, is to develop a capital market that goes beyond securities trading and serves as a driver of growth, strengthening links between businesses and investors and creating new opportunities for the Greek economy.

In closing, Koskoletos congratulated Capital Maritime Finance’s management, its investors and all those involved in the offering, wishing the company success in its new course.

Capital Maritime Finance Listing a Milestone for Athens Stock Exchange, Says Capital Market Commission Chair

Vasiliki Lazarakou, chair of the Hellenic Capital Market Commission, described Capital Maritime Finance’s listing as a milestone for the Athens Stock Exchange.

She noted that it was the first listing of a shipping company choosing the Greek market exclusively, a development that expands the capabilities of the domestic capital market.

Lazarakou stressed that Greek shipping is a competitive advantage for the country, adding that Capital Maritime Finance’s presence on the Athens Stock Exchange broadens the investor base and demonstrates that the Greek market can serve as a fundraising option for major business groups. At the same time, she said attracting new issuers strengthens the market’s competitiveness, provided that transparency and investor protection are maintained.

The Capital Market Commission chair congratulated Euronext Athens and everyone involved in the listing, expressing the hope that the development would mark the beginning of a successful course for Capital Maritime Finance on the Athens Stock Exchange.

She also expressed the expectation that the listing would send a message to other shipping companies, encouraging them to consider Athens as a destination for raising capital.

Capital Maritime Finance Makes Its Debut

Capital Maritime Finance rang the bell at the Greek stock exchange on Tuesday, Oct. 20, beginning trading in its shares on the Main Market of Euronext Athens. The initial trading price was set at 7.50 euros, matching the offer price determined after the public offering was completed.

On Monday, Euronext Athens management announced that 140 million common shares in CAPITAL MARITIME FINANCE CORP. would be admitted to trading on its Main Market in the “Industrial Products & Services” sector, under the ticker CMFC and ISIN code MHY1114L1074, with an opening price of 7.50 euros per share. The daily price fluctuation limit for the first three trading days would be plus or minus 60%.

Strong Demand

The debut followed a public offering that attracted total demand of 1.1 billion euros, exceeding the initial fundraising target of 250 million euros by 4.34 times. The company ultimately increased the size of the offering to 300 million euros, issuing 40 million new shares at 7.50 euros each, below the upper price limit of 7.68 euros.

Participation was particularly strong among Greek retail investors, as well as domestic and international institutional portfolios. Key investors, with total commitments of 70 million euros, included entities associated with the Vardinoyannis, Mytilineos, Peristeris and Kokkalis business groups.

Capital Maritime Finance is implementing a 1.8 billion-dollar investment program for 23 new containerships, with the prospect of expanding its fleet from 13 to 36 vessels by the end of 2028. Contracted future charter revenues stood at 3.9 billion dollars at the end of September.

In 2025, the group recorded revenue of 122.85 million dollars and net profit of 64.94 million dollars. Management has also set a non-binding target of distributing 60%-70% of adjusted net profit, with dividends paid quarterly to shareholders, subject to the relevant corporate decisions.

The listing is now raising expectations that more shipping companies will be attracted to the Greek capital market, enabling Greek investors to play a more substantial role in financing the sector.

Capital Maritime Finance owns, operates and manages containerships, providing marine transportation services to global liner operators through long-term charter agreements. Its operating fleet currently comprises 13 containerships with a combined capacity of 27,891 twenty-foot equivalent units (TEUs), while a further 23 vessels with a total capacity of 120,874 TEUs are under construction.

Once all vessels have been delivered, the company’s fully owned fleet will comprise 36 containerships, all covered by long-term time-charter agreements extending through 2038.

The IPO comprised 100 million existing shares and 40 million newly issued shares, bringing the total share capital admitted to trading to 140 million shares. The offering was priced at 7.50 euros per share and was oversubscribed 4.34 times, attracting strong demand from domestic and international institutional and retail investors.

The company’s market capitalization stood at 1.05 billion euros on the first day of trading.

Gerasimos Kalogiratos, the chairman of Capital Maritime Finance’s board of directors, said the company was pleased to welcome its new shareholders and begin trading on Euronext Athens.

The strong demand for the offering reflected investor confidence in the company’s business model, which combines a modern, high-specification and energy-efficient containership fleet with long-term charter agreements with leading liner operators, he said.

Kalogiratos added that the 23 vessels on order provided a clear path for growth, while the listing would strengthen Greece’s position as a global maritime hub and give the company a platform to pursue its strategy with the support of domestic and international investors.

He also thanked the company’s investors, underwriters and advisers, the Hellenic Capital Markets Commission, Euronext and the Capital Maritime Finance team for their contribution to the listing.