* Shares close at $11.85, 1.3 percent below IPO price
* Trading on NYSE under symbol "CMRE" (Updates with closing price)
NEW YORK, Nov 4 (Reuters) - Shares of Greek shipping
company Costamare Inc
The shares opened at $12. They rose as high as $12.12 before reversing course to close at $11.85 on the New York Stock Exchange.
Costamare raised 25 percent less than planned when it priced its IPO on Wednesday. The Athens-based company sold 13.3 million shares for $12 each, raising $159.6 million. It had planned to sell shares for $15 to $17 each.
Demand for shipping declined dramatically in 2008 and 2009 but has recovered some, the company said in its prospectus. There is also an oversupply of new ships that were ordered before the economic downturn.
Underwriters on the offering were led by Morgan Stanley and Bank of America Merrill Lynch. The shares are trading on the New York Stock Exchange under the symbol "CMRE." (Reporting by Clare Baldwin; Editing by Derek Caney)