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CMF concludes oversubscribed Euronext Athens IPO

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2026-10-20 04:09 UTC → 2026-10-26 07:15 UTC · added ~~removed~~

Capital Maritime Finance (CMF) has concluded its initial public offering (IPO) on Euronext Athens, marking the first exclusive listing of a shipping company on the exchange’s regulated market. The offering, which ran from October 13 to October 15, 2026, was highly oversubscribed. While the company initially aimed to raise between €250 million and €300 million through the issuance of up to 42 million new common shares, the subscription book saw massive interest. Due to overwhelming demand, the company increased its capital raising target to the upper limit of €300 million. Reports indicate the IPO closed with offers reaching approximately €1.085 billion to €1.1 billion, representing an oversubscription of more than 4.34 times the original target. The final offering price was set at €7.50 per share. Following the IPO, shares closed at €7.53 on October 23, slightly above the initial offering price. Interest was driven by large foreign institutional portfolios, Greek institutional investors, and high participation from private Greek investors. Cornerstone investors, including Ioannis Vardinianos, George Peristeris, Minos Matsas, and Socrates Kokkalis, committed €70 million to the offering. Additional participation included interests from the Vardinojanis, Mitilinaios, Peristeris, and Kokkalis families. ~~CMF, associated with~~ Evangelos ~~Marinakis,~~ Marinakis noted that more than half of the shares were allocated to private investors, addressing a ‘historical paradox’ by providing Greek citizens direct access to the domestic shipping industry. CMF intends to use the net proceeds—estimated at approximately €239.3 million after expenses—to finance the acquisition of 23 new container ships over the next 24 months. This expansion is intended to grow the company’s fleet from 13 to 36 vessels by the end of 2028, including 10 dual-fuel LNG ships. The investment program is estimated at approximately $1.82 billion, supported by $1.60 billion in secured financing. The company’s business model relies on long-term charters to ensure predictable cash flows and zero exposure to the spot market. Additionally, management has proposed a dividend policy targeting the distribution of 60% to 70% of adjusted net profits through quarterly dividends, with distributions expected to begin in the first quarter of 2027.

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