The public offering of CAPITAL MARITIME FINANCE (CMF) is in its final stage and closes today at 16:00.
The issue has already been twice oversubscribed, with strong interest from both retail investors and overseas investors.
The shares are scheduled to begin trading on Tuesday 20 October.
The company, which is part of Evangelos Marinakis’ business interests, is launching the first shipping IPO to have an exclusive primary listing on Euronext Athens. It aims to raise €250m, a figure that could increase to €300m if the offering is expanded. The price range is €7.00 to €7.68 a share.
Analysts say a key feature of the investment case is the company’s fleet, which is expected to grow to 36 containerships. Of these, 13 are already in operation, 19 are under construction and a further four are due to be acquired on delivery.
The fleet’s young age is also a competitive advantage. The vessels currently in operation have an average age of 2.8 years. Once all the newbuildings are delivered, the average age of the fleet as a whole will fall to just 0.5 years.
CMF also offers high revenue visibility. Contracted revenues stand at $3.9bn, with the potential to rise to $4.9bn, while the average remaining charter term is 9.4 years. According to company data, the entire fleet is contracted through 2034, with top-tier charterers including CMA CGM and Unifeeder.
These features set CMF apart from the traditional shipping company model, in which profitability and cash flows depend heavily on freight-market fluctuations. CMF’s long-term contracts limit its exposure to short-term market changes and make future revenues more predictable.
Cornerstone investors have played an important role in the offering, committing a total of €70m. They include companies associated with Yannis Vardinoyannis, Socratis Kokkalis, Evangelos Mytilineos and George Peristeris.