Important Greek shipowner has raised more than €50m from oversubscribed IPO
23 Jan 2025 AlterEgo Media includes leading Greek TV channel as well as prominent print andonline media
SHIPOWNER Evangelos Marinakis has raised close to €57m ($59.2m) in gross proceeds from an initial public offering for his media empire in Greece.
Media company Alter Ego Media priced its IPO, which was completed on Wednesday, at $4 per share.
The offering was oversubscribed by almost 12 times with demand for more than 169m shares, equivalent to nearly $677m, versus just over 14.2m new shares that were offered, increasing the number of outstanding shares by a third.
Alter Ego Media shares will trade on the Athens Stock Exchange, with Marinakis estimated to retain 75% control of the company.
Piraeus Bank and Euroxx Securities acted as joint coordinators and bookrunners, as well advisers for the share issue, with Eurobank participating as joint coordinator and bookrunner.
Net proceeds after offering and listing expenses are expected to be about $50.8m.
In the first half of 2024, the vast majority of the group’s revenues came from advertising, with 7% coming from print and online subscriptions and 4% from television content subscriptions.
Marinakis is one of Greece’s largest shipowners with a fleet of more than 100 vessels on the water and on order, spanning tankers, bulk carriers, containerships, gas carriers and offshore support vessels.
The Alter Media deal completed just a day after Hellenic Chamber of Shipping president George Alexandratos underlined the importance to the country of shipowners’ investments in various sectors of the economy in addition to the contribution the shipping industry makes directly.
