**Star Bulk Makes Euronext Athens Debut with €107.8 Million Offering**
Star Bulk Carriers, a prominent player in the global dry bulk shipping industry, has successfully raised €107.8 million through a public share offering in Greece, marking a significant milestone with its parallel listing on Euronext Athens. This transaction is noted as a first-of-its-kind for the exchange, reflecting both the company’s ambitions and the evolving landscape of Greece’s capital markets.
The offering, which was priced at €24.50 per share, generated substantial interest from investors, leading to an order book that was fully covered on its first day. In total, the offering was more than six times oversubscribed, attracting approximately €656.3 million in demand from over 7,500 investors. The response included a diverse mix of retail and qualified investors, as well as notable participation from international institutional investors.
Star Bulk Carriers operates a diversified fleet on major international trade routes and is recognized as the largest US-listed dry bulk shipping company by both market capitalization and fleet size. It ranks as the third-largest dry bulk shipping company globally, according to information provided by AXIA Ventures Group, which acted as the lead advisor, joint coordinator, and bookrunner for this transaction.
The new listing on Euronext Athens is designed to enhance Star Bulk's visibility among European investors and strengthen its connections within the European maritime and investment communities. The company’s existing listing on Nasdaq will remain intact, allowing it to maintain its presence in both the American and European markets.
The transaction is also significant for Greece’s capital markets, as it introduces an internationally established shipping company to Euronext Athens. Star Bulk is anticipated 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 to be part of this index. This inclusion is expected to bolster the representation of the shipping sector on the Greek exchange and broaden investment opportunities for both domestic and international investors.
AXIA Ventures Group's managing director and co-head of its Investment Banking Division, Alexandros Argyros, expressed pride in supporting Star Bulk throughout this landmark transaction. He emphasized the importance of this development in connecting the global strength of Greek shipping with the ongoing evolution of Greece's capital markets. “The successful execution reflects AXIA’s deep equity capital markets expertise and our commitment to delivering innovative solutions that create long-term value for our clients,” Argyros stated.
The dual listing on Nasdaq and Euronext Athens not only provides Star Bulk with a strategic presence in both markets but also reinforces the longstanding relationship between Greek shipping and the country’s financial landscape. By bringing its international scale and Greek roots to the Athens exchange, Star Bulk is paving the way for other globally established shipping companies to engage with Greece’s capital markets.
As Star Bulk Carriers embarks on this new chapter, it signals a promising future for both the company and the broader Greek capital markets, highlighting the potential for growth and investment in the shipping sector. The successful offering and listing are expected to foster increased interest and activity in the region, further integrating the global shipping industry with Greece’s economic framework.