1. The IPO Journey
European Maritime Week
Shipping Finance
23 May 2013
Dimitris Constantinou
Leader of Ernst & Young Global Shipping Network

2. The IPO JourneyPage 2
Overview
► Types of financing
► Bank financing
► Private equity
► Equity markets
► IPO Journey

3. The IPO JourneyPage 3
Initial Public Offering (IPO)
►A journey of transformation from a successful
private company to a successful public
company that continually delivers value to its
stakeholders.
►The IPO event is a component of the value
journey and generally lasts 90 to 120 days,
whereas the value journey usually begins a
year or two before the IPO and continues well
beyond it.

4. The IPO JourneyPage 4
IPO Journey A structured and managed process
Readiness phase
IPO execution phase
IPO realization phase
Building
the right
management
and
advisory teams
Building your
business and
financial
processes
and
infrastructure
Establishing
corporate
structure
and governance
Managing
investor
relations
and
communications
Delivering
an
effective
road show
Preparing
for the
IPO journey
Keeping
your
options
open
Timing
the
market
Attracting
the right
investors
and
analysts
Delivering
on
your
promises
Renew/
re-create

5. The IPO JourneyPage 5
Benefits
► Increased shareholder value
► More capital to sustain growth
► Increased opportunities for
future financing
► Path to mergers and
acquisitions
► Increased credibility with
potential customers, suppliers
and employees
► Enhanced corporate image and
increase employee participation
Obligations
► Keep shareholders informed /
meet expectations
Business operations
Financial condition
Risk management
► Time and money
► Periodic reporting and
regulatory compliance
► Corporate governance
IPO

6. The IPO JourneyPage 6
IPO Journey Transformation
►Organizational change
►Leadership and management readiness
►Transparency/disclosure
►Ownership structure/control
►Delivering on promises

7. The IPO JourneyPage 7
EY Shipping IPO Experience
Year Company Exchange
1998 Excel Maritime Carriers AMEX
2001 Stelmar Shipping NYSE
2001 Tsakos Energy Navigation NYSE
2004 Top Tankers NASDAQ
2005 Diana Shipping NYSE
2005 DryShips NASDAQ
2005 Excel Maritime Carriers NYSE
2006 Goldenport Holdings LSE (UK)
Year Company Exchange
2006 Omega Navigation Enterprises NASDAQ
2007 Globus Maritime AIM (UK)
2007 Hellenic Carriers AIM (UK)
2007 Oceanfreight NASDAQ
2010 Costamare NYSE
2010 Diana Containerships NASDAQ
2010 Globus Maritime NASDAQ
2011 Ocean Rig NASDAQ

8. The IPO JourneyPage 8
“God must have been a shipowner.
He placed the raw materials far from where they were
needed and covered two thirds of the earth with water.”
(Erling Naess Dekker)

9. The IPO JourneyPage 9
Ernst & Young
Assurance | Tax | Transactions | Advisory
About Ernst & Young
Ernst & Young is a global leader in assurance, tax,
transaction and advisory services. Worldwide, our
167,000 people are united by our shared values and
an unwavering commitment to quality. We make a
difference by helping our people, our clients and our
wider communities achieve their potential.
Ernst & Young refers to the global organization of
member firms of Ernst & Young Global Limited, each
of which is a separate legal entity. Ernst & Young
Global Limited, a UK company limited by guarantee,
does not provide services to clients. For more
information about our organization, please visit
www.ey.com.
© 2013 EYGM Limited.
All Rights Reserved.
This publication contains information in summary form and is
therefore intended for general guidance only. It is not intended to be a
substitute for detailed research or the exercise of professional
judgment. Neither EYGM Limited nor any other member of the global
Ernst & Young organization can accept any responsibility for loss
occasioned to any person acting or refraining from action as a result
of any material in this publication. On any specific matter, reference
should be made to the appropriate advisor.