The Constantinos Constantakopoulos-led company watched its New York-listed stock slip 8.08% to $14.00, more than a dollar below the level seen at the close.
The slide came as the operator hatched a plot to offload 7 million shares in a fundraiser backed by members of the Constantakopoulos family, who pledged to grab up to 700,000.
Morgan Stanley and Goldman Sachs were chosen to serve as joint book-running managers and will be given a 30-day option to purchase an additional 1 million units to cover overallotments.
Based on the rate seen at the close Costamare could walk away with more than $110m if all goes according to plan though analysts note the size of the pot will depend on pricing and fees collected by the underwriters.
Costamare, which oversees a fleet of 57 containerships, says it intends to use proceeds from the public offering for capital expenditures, including vessel acquisitions, and for general corporate purposes like slashing debt.
