Underwriters took up all options to buy extra shares in a Safe Bulkers equity offering, bringing the gross proceeds to $17.2m.
The New York-listed bulker owner sold 13.6 million shares in the public offering and underwriters exercised options for 2.04 million shares.
Chief executive Polys Hajioannou, the largest shareholder in the Greek company, bought 2.73 million shares in the deal.
Safe Bulkers has said that it is planning to use the net proceeds of the fundraiser to buy second-hand ships, in addition to paying down debts and other potential uses.
Stifel
