Capital Tankers’ upsized US$500M private placement oversubscribed, sets sail for Oslo listing

The newly launched venture, which is set for a listing on Oslo’s Euronext Growth, noted on 27 February that the offer drew “quality investors.”

Originally announced as a US$345M private placement, Capital Tankers decided to increase the primary offering from US$300M to US$435M and the over-allotted shares from US$45M to US$65M to accommodate fair allocations.

The board has allocated 35.7M offer shares to more than 900 investors at a fixed price of Nkr134 (US$14) per share, implying a total transaction size of Nkr4.8Bn and a post-money equity value of approximately Nkr18.2Bn.

Notably, Capital Tankers will issue 31M new shares, raising proceeds of around Nkr4.2Bn. 

Gross proceeds will be allocated toward remaining capital expenditure commitments for vessels under construction, as well as working capital, transaction expenses, and general corporate purposes.

The upsized private placement also gives the company the flexibility to call selected optional vessels at an opportune time.

Following the successful completion of the offer, and subject to regulatory approvals, Capital Tankers’ shares are expected to begin trading on Euronext Growth Oslo on or about 17 March 2026 under the ticker CAPT.

After the listing, the company intends to pursue an uplisting to the Oslo Stock Exchange’s main market and may also consider a dual listing in the US in due course.

At the time of the listing, Mr Marinakis-backed Capital Maritime & Trading Corp will hold approximately 73.7% of the company.

Capital Tankers will commence operations with a 30-vessel fleet, including 12 VLCCs, 10 Suezmaxes, and 8 Aframax/LR2 tankers. The fleet is heavily weighted toward newbuildings, with only three vessels currently delivered and the remainder under construction.