AXIA Ventures Group (“AXIA”), a member of the Alpha Bank Group, is pleased to announce that it acted as Lead Advisor, Coordinator and Principal Underwriter to Star Bulk Carriers Corp. (“Star Bulk”) in the context of the successful public offering of new shares in Greece and the parallel listing of all of the company’s shares on Euronext Athens, in a landmark transaction, the first of its kind for Euronext Athens.
Star Bulk is among the leading dry bulk companies worldwide, with a modern and diversified fleet operating on the most important international trade routes, the relevant announcement notes.
It is the largest listed dry bulk shipping company in the U.S. based on market capitalization and fleet size, and the third largest in the sector worldwide, combining international scale, deep industry expertise and a proven ability to create value across the full range of fluctuations in the shipping market.
The parallel trading of its shares on Euronext Athens, combined with the trading of its shares on Nasdaq, broadens its access to the European investment public and further strengthens its presence in the European shipping and investment market.
The offering, at a disposal price of €24.50 per share, through which €107.8 million was raised, attracted strong interest from a broad range of investors, with the order book being fully covered already from the first day.
Strong investor demand led to the offering being oversubscribed by more than 6 times, with total demand amounting to approximately €656.3 million from more than 7,500 investors.
Demand came from retail and qualified investors, while the participation of international institutional investors was also significant. The transaction constitutes an important development for the Greek capital market, as it adds to Euronext Athens an internationally established issuer of significant size.
With its expected inclusion in the FTSE/ATHEX Large Cap index during the upcoming semiannual review, Star Bulk will be the first international shipping company to be included in the index.
At the same time, Star Bulk’s presence on Euronext Athens broadens the sector composition of the market, strengthens the representation of shipping and creates more investment options for Greek and international investors.
Mr. Alexandros Argyros, Managing Director & Co-Head of Investment Banking Division of AXIA, stated:
“We are particularly proud to have supported Star Bulk in this landmark transaction and we thank the company and its management team for the trust they showed in AXIA and Alpha Bank, assigning us a leading role in this important step of its journey.
The transaction connects the international dynamism and the long tradition of Greek shipping with the continuous development of the domestic capital market, opening new prospects for internationally established shipping companies with strong Greek roots.
Its successful completion highlights AXIA’s deep expertise in the capital markets, its ability to manage complex cross-border transactions and its commitment to delivering innovative solutions that create long-term value for our clients”.