Trading commenced today at 09:00 a.m. CET, celebrated with a Bell Ceremony. This listing follows the successful completion of a NOK 4.8 billion private placement, approximately USD 500 million, making it the largest shipping listing in the last two decades.
This transaction is not only the largest shipping IPO in the last 20 years but also ranks among the largest in the past five years in terms of market capitalization. The strong confidence of the international investment community in Capital Tankers’ strategic vision and growth prospects is evident.
With the successful listing, Capital Tankers achieved a market capitalization of approximately NOK 17.56 billion (USD 2 billion). A notable 26% stake of the company’s share capital has been allocated to the investing public, primarily targeting long-term institutional investors, while Capital Maritime & Trading retains a significant 74% stake. The private placement attracted more than 900 investors, including a dedicated retail tranche of over 500 applicants, and was significantly oversubscribed after an upsizing due to strong demand.
The funds raised from this public offering will primarily be utilized to finance the company’s shipbuilding investment program, alongside covering working capital, transaction costs, and other general corporate purposes.
At the opening of trading today, shares were priced at NOK 134 each.
A next-generation fleet
Capital Tankers, in which Evangelos Marinakis holds interests, positions itself as a next-generation shipping company. The firm boasts a young, technologically advanced fleet that predominantly operates in the spot and short-term charter markets. As a spin-off from Capital Maritime & Trading Corp., Capital Tankers represents a “pure play” in the crude tanker sector.
The company operates a fleet of 30 fuel-efficient crude tankers, with nine currently in operation and 21 under construction, scheduled for delivery between 2026 and 2028. Additionally, it holds options for an extra 13 vessels, including 11 Very Large Crude Carriers (VLCCs).
Notable for its eco-friendly vessels, Capital Tankers features designs equipped with the latest technologies, including 18 with LNG dual-fuel propulsion. The company maintains strategic flexibility and spot market exposure, targeting industry-leading returns through disciplined cash flow generation and a steadfast commitment to innovation and environmental responsibility.
Jerry Kalogiratos, CEO of Capital Tankers Corp., stated after the successful debut: “We are delighted to welcome our new shareholders as Capital Tankers begins its journey as a public company. The strong investor response to our USD 500 million offering — one of the largest shipping equity raises in recent years — is a testament to the quality of our fleet and the compelling fundamentals of the crude tanker market. The Euronext Growth Oslo process was both efficient and rigorous, and was well-suited to our objectives, allowing us to reach a sophisticated investor base rapidly and with confidence. We look forward to delivering on our commitments and creating meaningful value for our shareholders.”
Source: tovima.com
