Capital Maritime Finance Corp. has opened a public offering of up to 42 million new shares on Euronext Athens, aiming to raise roughly €250 million — and potentially as much as €300 million — to bankroll a containership expansion programme worth about US$1.8 billion.

The offering runs from 13 to 15 October 2026 for qualified and retail investors in Greece. All company shares are expected to be admitted to the Main Market of Euronext Athens, though neither the offering nor the listing has been completed yet.

What are the pricing terms?

The company has set a binding price range of €7.00 to €7.68 per share. The final price will emerge from electronic book-building and will be identical for qualified, cornerstone and retail investors.

At €250 million in gross proceeds, estimated net proceeds after issuance expenses come to approximately €239.3 million.

Cornerstone investors have already committed €70 million. Retail investors get at least 30% of the new shares, excluding the cornerstone allocation, subject to final demand.

Where does the money go?

The fleet today: 13 containerships totalling 27,891 TEUs. The fleet by 2028: 36 containerships, after delivery of 23 additional vessels. That is near-tripling of capacity in under three years.

The target fleet breaks down as:

• 26 feeder vessels of 1,800 to 2,900 TEU
• 10 LNG dual-fuel Neo-Panamax containerships of 8,800 TEU each

IPO proceeds will support the US$1.8 billion investment programme alongside existing bank financing and operating cash flow.

Who are the charter counterparties?

The revenue side is already contracted. Capital Maritime Finance has secured long-term charters with liner operators including CMA CGM and Unifeeder. Company projections put contracted charter revenue at approximately US$3.9 billion through 2038.

That backlog gives the equity story a covered-income profile that Greek retail investors, the anchor of the offering, typically favour in shipping listings.

For the charterers, it locks in feeder and mid-size Neo-Panamax tonnage at a moment when fleet renewal and dual-fuel compliance spending is pressuring operator balance sheets.

What happens if the listing fails?

The capital increase is conditional on admission to Euronext Athens and compliance with the exchange's free-float requirements. If admission fails, the offering is cancelled and participating investors get their money back within two business days — a standard clawback mechanism that caps downside for subscribers.

With the price band set, €70 million cornerstoned and a $3.9 billion revenue runway through 2038, the deal's fate now rests on the 13-15 October book-build and whether demand supports the top of the €7.68 range.