A new chapter opened for the Greek capital market on Tuesday, 20 October, as shares in Capital Maritime Finance Corp. began trading on the Main Market of Euronext Athens, with an initial market capitalisation of €1.05bn.
The shipping company of Evangelos Marinakis made the first exclusive primary listing of a shipping company on the Greek stock market, having raised €300 million through a public offering that attracted demand of about €1.1bn. The session opened with the traditional ringing of the bell by Eirini Marinaki, in the presence of representatives of the company, Euronext Athens and the capital market.
Koskoletos: The listing is of strategic importance
“This is an important milestone both for the company and for the Greek capital market,” said Nikos Koskoletos, Executive Director of Finance and Issuer Relations at Euronext Athens, noting that the listing demonstrates the Greek market’s ability to welcome companies with international operations and ambitions.
He said strong investor demand had led Capital Maritime Finance to increase the amount of capital it raised, adding that the listing was of particular strategic importance to Euronext Athens. Shipping, he noted, has a strong tradition, a global presence and significant financing needs. The stock exchange aims to help finance the sector and broaden investment choices. He also pointed to the new opportunities created by the integration of the Greek market into Euronext’s European ecosystem, bringing it into closer connection with European capital markets.
Kalogiratos: The real work starts now
Capital Maritime Finance chairman Gerasimos Kalogiratos described the listing as an important event for both the company and the Greek stock market.
“It is a great honour for us,” he said, highlighting the significance of this being the first shipping company to list exclusively on the Greek market. He noted the participation of both Greek and foreign investors in the public offering and thanked everyone who had helped bring the process to a successful conclusion. He also stressed that the Athens stock exchange was now attracting shipping companies. Closing his remarks, he said “the real work starts now”, shifting the focus to delivering the company’s business plans after its listing.
Lazarakou: Hopes other shipping companies will follow
Vasiliki Lazarakou, chair of the Hellenic Capital Market Commission, described the listing as a landmark for Euronext Athens and the Greek capital market. She said an important goal had been achieved, with the Greek stock market now directly connected to one of the most competitive sectors of the Greek economy.
She said a distinct ecosystem was taking shape, capable of providing new financing and investment opportunities, and noted that the Capital Group had already used the Greek capital market to raise funds. Broadening companies’ financing options, she stressed, helps the market grow, with transparency and investor protection as key prerequisites. She also expressed the hope that the listing would mark the start of a successful journey and attract more shipping companies to the Greek stock market.
Financial details of the listing
Capital Maritime Finance raised a total of €300 million, increasing its initial target of €250 million by 20%. Total demand reached €1.0856bn, or 4.34 times the initial amount sought.
The offer price was set at €7.50 a share, with a total of 140 million shares admitted to the Main Market under the ticker CMFC.
The company has 13 vessels in operation and 23 under construction, taking its expected total fleet to 36 vessels. Its remaining investment programme through 2028 amounts to about $1.8bn, while contracted future charter revenues total $3.9bn.
Capital Maritime Finance has also set out a dividend policy under which it plans to distribute 60% to 70% of adjusted net profits, with the aim of paying dividends quarterly.