Nasdaq-listed Star Bulk Carriers has banked close to USD 242 million from the primary public offering of little over 49 million of its common shares, at a price of USD 5 per share.
The company will used the money to finance its newbuilding program and for general corporate purposes.
The underwriters have a 30-day option to purchase up to an additional 1,762,500 common shares.
Four of the company’s significant shareholders, Star Bulk’s Chief Executive Officer Petros Papas and affiliates, Oaktree Capital Management, Angelo, Gordon & Co., and Monarch Alternative Capital bought 37,250,418 of the common shares in the offering.