Star Bulk raises €107.8M in Greece public offering, oversubscribed 6x

Star Bulk Carriers Corp. completed the allocation of 4,400,000 new common shares through a public offering in Greece, raising €107.8 million ($124.42 million) before expenses, according to a company statement.

The offering price was set at €24.50 ($28.27) per share for all investors. Of the total shares issued, 4,300,000 were allocated through the public offering in Greece, raising €105.4 million ($121.62 million), while the remaining 100,000 shares were allocated through a parallel offering to a limited group of persons, raising €2.5 million ($2.82 million).

Total valid demand at the offering price reached 26,788,512 shares, representing €656.3 million ($757.32 million), oversubscribing the 4,300,000 shares offered through the public offering by more than six times.

Of the shares allocated through the public offering, 1,743,504 shares, or 41%, went to retail investors, while 2,556,496 shares, or 59%, went to qualifying investors. Two legal entities controlled by members of the family of CEO Petros Pappas were allocated 148,800 shares, representing 60% of their total demand of 248,000 shares.

Optima Bank S.A., one of the underwriters, submitted a subscription application for its own account for 400,000 shares and was allocated 52,000 shares.

AXIA Ventures Group Ltd, a member of the Alpha Bank Group, acted as lead advisor and joint coordinator and bookrunner. National Bank of Greece S.A. served as co-advisor and joint coordinator and bookrunner. The new shares are being admitted to parallel listing on the Main Market of Euronext Athens.

The offering price was converted to U.S. dollars using the EUR/USD exchange rate of 1.1539 as of September 15, 2026, sourced from the European Central Bank.

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