Capital Maritime Finance opens Athens IPO, seeking up to €250 million at €7.00 to €7.68 a share

Offering terms

Capital Maritime Finance Corp. (CMF), a shipping company whose interests belong to shipowner Evangelos Marinakis, opens its public offering on Tuesday, 13 October 2026, ahead of a listing on the main market of Euronext Athens. The offering runs until Thursday, 15 October, and is addressed to specialist and retail investors in Greece. The binding price range is €7.00 to €7.68 per share, set by the coordinating lead underwriters, and the final price will be the same for all participants and determined through book building. The company offers up to 42 million new ordinary shares with a nominal value of $0.04 each, through a cash capital increase without pre-emption rights for existing shareholders. The target is about €250 million, with the possibility of rising to €300 million. Net proceeds after issue costs are estimated at about €239.3 million at the initially set maximum price of €7.84, a ceiling set by a special board committee on 6 October.

Timetable and allocation

Subscriptions open at 10:00 on Tuesday, 13 October, and close at 16:00 on Thursday, 15 October 2026. Retail investors can subscribe through the underwriters and authorised brokers, or through e-banking and mobile banking if they hold active access codes. Retail applications are submitted at the top of the range, €7.68 per share, and any surplus amounts are returned or released once the final price is set. Allocation starts with the cornerstone investors under their agreements, after which at least 30% of the remaining new shares goes to retail investors. Up to 70% of the remaining shares can be split between specialist and retail investors depending on demand, and if retail demand exceeds the offer, allocation is pro rata to the number of shares each applicant requested. Shipping news outlets expect the allocation and price announcement on 15 October, settlement and crediting of shares on 19 October, and the start of trading on the Main Market on 20 October.

Cornerstone investors and control

Investment vehicles linked to the Motor Oil, Peristeris, Mytilineos and Kokkalis groups have agreed in principle to take part as cornerstone investors, with combined funds of about €70 million. At the top of the price range, that amount corresponds to 6.8% of the share capital. The prospectus was approved by the Hellenic Capital Market Commission on Wednesday, 7 October. After the offering, Evangelos Marinakis, acting through Capital Maritime & Trading Corp., is expected to retain 75.8% of the voting rights, while 17.4% will be placed with institutional and retail investors. CMF would be the third listed shipping company in the Marinakis group, after Capital Clean Energy Carriers in New York and Capital Tankers in Oslo, and the group controls about 180 vessels.

Fleet expansion

The proceeds are intended to finance an investment programme of about $1.8 billion, which adds 23 container ships by 2028. According to the offering documents, 19 of those vessels are under construction, while four are being acquired through signed pre-agreements. The fleet would rise from 13 to 36 ships, with a total capacity of 120,874 TEU. Deliveries are scheduled to run from the fourth quarter of 2026 to the fourth quarter of 2028. The final mix includes 26 feeder ships and 10 Neo-Panamax newbuildings with dual-fuel engines capable of running on LNG, bio-LNG and e-LNG.

Recent financial results

For the 2025 financial year, CMF reported revenue of $122.8 million, EBITDA of $89.9 million and net profit of $64.9 million. In the first half of 2026, revenue reached $57.5 million, EBITDA $39.7 million and net profit $29.9 million. The comparison below sets the two periods side by side.