Star Bulk raises €107.8 million in Greece share offering and Euronext Athens listing

Athens, Greece. Star Bulk Carriers has raised €107.8 million through a public share offering in Greece and a parallel listing on Euronext Athens, in a transaction described as a first for the exchange.

The company’s existing Nasdaq listing will remain in place, while the Euronext Athens listing is intended to provide additional access to European investors and increase its visibility among European maritime and investment communities.

Offering demand

The offering was priced at €24.50 per share and its order book was fully covered on the first day.

It was more than six times oversubscribed, generating approximately €656.3 million in demand from more than 7,500 investors. Demand came from retail and qualified investors, with significant participation by international institutional investors.

Advisers and company profile

AXIA Ventures Group, a member of Alpha Bank Group, advised and coordinated the transaction as lead adviser, joint coordinator and bookrunner.

Star Bulk is a global dry bulk shipping company operating a diversified fleet on major international trade routes. According to AXIA, it is the largest US-listed dry bulk shipping company by market capitalisation and fleet size, and the third-largest dry bulk shipping company overall.

Index inclusion

The transaction brings an internationally established shipping company to Euronext Athens.

Star Bulk is expected to be included in the FTSE/ATHEX Large Cap Index during its upcoming semi-annual review, which would make it the first international shipping company in the index.