Amid strong investor demand, Capital Tankers, a tanker operator owned by Greek shipowner Capital Maritime & Trading, has increased its private placement in Oslo to US$500 million, with plans to list on Euronext Growth Oslo in March 2026.
The stock offering was oversubscribed several times, prompting the company’s board of directors to increase the initial public offering size from approximately $300 million to $435 million and to extend the over-allotment option from approximately $45 million to $65 million.
Capital Tankers reportedly offered 35.7 million shares to over 900 investors at a price of NOK 134 per share, for a total transaction size of NOK 4.8 billion (approximately US$500 million), corresponding to a post-financing equity valuation of approximately NOK 18.2 billion. The company will also issue over 31 million new shares, raising approximately NOK 4.2 billion, and will offer additional shares through a greenshoe arrangement.
The funds raised will primarily be used for remaining capital expenditures on 22 oil tankers under construction, as well as to supplement working capital and meet general corporate needs. Capital Tankers stated that the expanded fundraising could also be used to exercise more vessel order options, provided market conditions permit.
Capital Tankers’ new shares are expected to begin trading around March 17, pending regulatory approval. The company plans to apply for a listing on the Oslo Main Board and may also consider listing in the United States in the future.
Notably, Capital Tankers announced this week its first-ever listing on the Oslo Capital Markets, with an initial target fundraising of approximately US$345 million. The newly formed shipowner will own a fleet of 30 crude oil tankers—including VLCCs, Suezmax and Aframax/LR2 tankers—most of which are still under construction, and holds an order backlog of 13 new vessels until the end of 2026.
Following the IPO, Capital Maritime is expected to hold approximately 74% of the new company’s equity, with about 26% of the shares remaining outstanding. This increased fundraising size raises the expected percentage of outstanding shares from below 20% as originally planned.