Star Bulk carriers makes landmark entry into Euronext Athens

AXIA Ventures Group (AXIA), a member of the Alpha Bank Group, acted as Lead Adviser, Coordinator and Lead Underwriter for the transaction, which represents the first listing of its kind on Euronext Athens.

The public offering was conducted at a price of €24.50 per share, with Star Bulk raising a total of €107.8 million. Investor interest was particularly strong, with the order book fully covered on the first day, while aggregate demand exceeded the offering by more than six times.

Specifically, demand amounted to approximately €656.3 million and came from more than 7,500 investors. The offering attracted both retail and qualified investors, while international institutional investors also demonstrated a significant presence.

Dual Presence on Nasdaq and Euronext Athens

Star Bulk, one of the world’s largest international dry bulk shipping companies, operates a modern and diversified fleet serving major international trade routes.

The company is the largest publicly listed dry bulk shipping company in the United States by market capitalization and fleet size, and ranks third globally in the sector.

Through the concurrent trading of its shares on Euronext Athens and Nasdaq, Star Bulk is broadening its access to the European investment community while maintaining its international presence in the capital markets.

The new listing also strengthens the representation of the shipping industry in the Greek market and broadens the investment universe available to both Greek and international investors.

FTSE/ATHEX Large Cap

The anticipated inclusion of Star Bulk in the FTSE/ATHEX Large Cap Index at the next semi-annual review is also of particular significance for the market.

If the inclusion is confirmed, Star Bulk will become the first international shipping company to be included in the index, further strengthening the international dimension of the Greek capital market.

The presence of a company of international reach and significant scale on Euronext Athens also establishes a new benchmark for the Greek market’s ability to attract companies with international operations and strong ties to the Greek economy and shipping industry.

AXIA: A Significant Step for the Greek Capital Market

Alexandros Argyros, Managing Director & Co-Head of the Investment Banking Division at AXIA, described the transaction as a landmark and emphasized its importance in connecting international shipping with the domestic capital market.

As he noted, the transaction links the international dynamism and long-standing tradition of Greek shipping with the development of the Greek capital market, creating new opportunities for internationally established shipping companies with Greek roots.

At the same time, according to AXIA, the successful completion of the transaction highlights the firm’s capital markets expertise and its ability to execute complex cross-border transactions.