Star Bulk Company, a global leader in the dry bulk shipping industry, has recently joined Euronext Athens. With the largest dry bulk fleet in the United States in terms of market capitalization and fleet size, it is currently recognized as the third largest company in this sector.
Capital Raising and High Demand
The recent deal at a price of €24.50 per share helped raise €107.8 million. This offering faced strong and widespread demand, with the order book fully subscribed on the first day. Ultimately, the book was oversubscribed more than 6 times, attracting demand of €656.3 million from over 7,500 investors. This demand was significantly divided among retail investors and international institutions.
Development of Greece's Capital Market
This transaction is considered a significant development in Greece's capital market, adding a notable and international issuer to Euronext Athens. With forecasts regarding Star Bulk's entry into the FTSE/ATHEX Large Cap index in the upcoming semi-annual review, the company will be introduced as the first international shipping company in this index. This diversifies the market structure and strengthens the representation of the shipping industry, providing more investment opportunities for both domestic and international investors.
Alexandros Argyris, CEO of AXIA Ventures Group and co-head of the investment banking division, stated: "We are extremely proud to have assisted Star Bulk in this prominent transaction and are grateful for the trust this company and its management team have placed in AXIA and Alpha Bank to lead this important phase in their journey." This transaction helps combine global strength and Greece's maritime heritage with the ongoing development of Greece's capital market, opening a new path for shipping companies with Greek roots to connect to the Greek capital market.
