Parallel listing on Euronext Athens and public offering of new shares
Star Bulk Carriers Corp, the largest US-listed dry bulk shipping company by market capitalisation, fleet size and total fleet capacity, is proceeding with a public offering of new common shares in Greece and the simultaneous listing of all its common shares on the Regulated Market of Euronext Athens.
The public offering aims to raise up to €112.2 million as part of Star Bulk’s investment strategy to further strengthen and upgrade its fleet. The parallel listing on the Regulated Market of Euronext Athens is expected to give Star Bulk a simultaneous presence in two of the world’s major capital markets, broaden and diversify its shareholder base, enhance the stock’s investor profile and liquidity, and provide additional opportunities for future investment initiatives.
Star Bulk Chairman Spyros Kapralos stated: “Our decision to pursue a parallel listing on the Regulated Market of Euronext Athens is a strategic choice with strong symbolic significance. It reflects our international footprint and deep Greek roots, as well as our confidence in the prospects of the Greek capital market. It creates a bridge between an industry in which Greece is a global leader and a market entering a new era. It is a substantive investment move that strengthens Star Bulk’s growth prospects among the Greek and European investment communities and highlights the strength of Greek shipping.”
Star Bulk founder and CEO Petros Pappas said: “Star Bulk’s forthcoming parallel listing on the Regulated Market of Euronext Athens, and consequently on the European capital market, marks a milestone in our 20-year history. This is a strategic move that will enable us to broaden our investor base, improve our access to European markets and enhance our financial flexibility. We are particularly proud that Star Bulk is the first shipping company to pursue a parallel listing on the Regulated Market of Euronext Athens through a public offering in Greece.
“We are committed to maintaining a strong and long-term presence on Euronext Athens, while contributing to its development into an international financial hub for shipping. We firmly believe that Greek shipping, which today controls the world’s largest fleet, deserves a capital market commensurate with its size, dynamism, international outlook and ambition.”
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