He’s Back!

With Wednesday’s extraordinarily successful DryShips Inc. floatation, George Economou has stunned the ship finance community and silenced even his harshest critics. The final deal nearly doubled from its original size, going from 7.1 million shares in the initial prospectus to an astonishing 13.0 million shares (before underwriters’ over-allotments). The $18.00 price per share compared favorably with the red herring price of $17.00 but was significantly higher than the $14.00-$16.00 range initially put out by the company. In total, DryShips raised a gross $234 million (again before the shoe and underwriters’ commissions) against an initial target of $120.7 million (same basis). Market sources tell us the deal was 9x oversubscribed, and as we go to press, the stock is up 10% in heavy trading. This transaction was a huge success for George, Mark Blazer, Anthony Argyropoulos and Cantor Fitzgerald, which is proving to be a formidable force in shipping finance.

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