Shipping IPOs Stage a Comeback – Costamare Files

With the IPO market for shipping shares quiescent since March, Costamare Inc. broke the ice last week and filed its F-1 to begin the process of an initial public offering of its shares. The company is offering 13.3 million shares, which will represent 22.1% of the shares outstanding immediately after the offering, without giving effect to the green shoe. The expected price range is $15 to $17. Assuming pricing at the midpoint, gross proceeds will approximate $213 million and the market value of the company will be $965 million. Proceeds will be used for general corporate purposes and potential future acquisitions.

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