Star Bulk Carriers has raised €107.8 million through a public share offering in Greece and a parallel listing on Euronext Athens, in what has been described as a first-of-its-kind transaction for the exchange.

The transaction was advised and coordinated by AXIA Ventures Group, a member of Alpha Bank Group, which acted as lead advisor, joint coordinator and bookrunner.

Star Bulk is a global dry bulk shipping company operating a diversified fleet on major international trade routes.

The company is the largest US-listed dry bulk shipping company by market capitalisation and fleet size, and the third-largest dry bulk shipping company overall, according to AXIA.

Its existing Nasdaq listing will remain in place, while the new Euronext Athens listing is intended to give the company an additional route to European investors and increase its visibility among European maritime and investment communities.

The offering was priced at €24.50 per share and attracted strong investor demand, with the order book fully covered on its first day.

The offering was ultimately more than six times oversubscribed, generating approximately €656.3 million in demand from more than 7,500 investors.

Demand came from a broad mix of retail and qualified investors, alongside significant participation from international institutional investors.

The transaction also marks a development for Greece’s capital markets by bringing an internationally established shipping company to Euronext Athens.

Star Bulk is expected to be included in the FTSE/ATHEX Large Cap Index during its upcoming semi-annual review, which would make it the first international shipping company in the index.

Its addition would also increase the representation of the shipping sector on the Greek exchange and expand the investment opportunities available to domestic and international investors.

AXIA managing director and co-head of its Investment Banking Division Alexandros Argyros said the group was particularly proud to have supported Star Bulk in the transaction.

“We are particularly proud to have supported Star Bulk in this landmark transaction and grateful to the company and its management team for the trust they placed in AXIA and Alpha Bank to lead such an important step in its journey,” Argyros said.

“The transaction brings together the global strength and heritage of Greek shipping with the continued development of Greece’s capital markets, opening a new path for globally established shipping companies with strong Greek roots to connect with Greece’s capital markets,” he added.

“Its successful execution reflects AXIA’s deep equity capital markets expertise, ability to navigate complex cross-market transactions and commitment to delivering innovative solutions that create long-term value for our clients,” Argyros concluded.

The listing provides Star Bulk with a presence on both Nasdaq and Euronext Athens, linking its international investor base with Greece’s domestic capital market.

The transaction also highlights the continuing relationship between Greek shipping and the country’s capital markets, with Star Bulk bringing its international scale and Greek roots to the Athens exchange.