The book-building process for Capital Maritime Finance’s initial public offering (IPO) has closed, with bids reportedly totaling 1.1 billion euros.
Major foreign institutional investors expressed strong interest and subscribed to the offering, while retail investor participation was also described as robust, reportedly reaching very high levels.
The strong response is particularly significant as this is the first exclusive primary listing of a shipping company on Euronext Athens, establishing a new benchmark for connecting Greece’s capital market with the ocean-going shipping industry.
Capital Maritime Finance aims to raise approximately 250 million euros, with the amount potentially increasing to 300 million euros, through the issuance of up to 42 million new common shares.
The binding offer price range has been set at between 7 and 7.68 euros per share, while the final price will be determined through the electronic book-building process and will be the same for all investors.
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Cornerstone investors have already committed to participating with a total of 70 million euros, providing a significant foundation for the success of the offering. At least 30% of the shares remaining after the allocation to cornerstone investors are earmarked for retail investors.
Investment Plan and Fleet
Capital Maritime Finance operates in the container shipping sector, adopting a business model based on long-term time-charter contracts at predetermined rates.
This strategy aims to ensure predictable cash flows while limiting the company’s direct exposure to short-term fluctuations in the freight market.
The investment program provides for a significant expansion of the fleet, which is expected to reach 36 containerships by the end of 2028, up from the 13 currently in operation.
A substantial portion of the proceeds from the public offering is intended to finance the acquisition of these additional vessels, strengthening the company’s presence in the international maritime transport market.
The dividend policy is also a key element of the investment proposition. The company aims to distribute 60% to 70% of its adjusted net profits through quarterly cash dividends, subject to the necessary approvals and the availability of sufficient liquidity.
The offering’s advisers are Piraeus Bank, EUROXX and Eurobank. The Coordinators and Lead Underwriters are Piraeus Bank, EUROXX, Eurobank and National Bank of Greece.
The lead underwriters are CrediaBank and Optima bank, while the underwriters are CrediaPantelakis Securities and Ambrosia Capital Hellas.