From $500m to $300m: Hapag-Lloyd cuts IPO expectations amid choppy conditions

From $500m to $300m: Hapag-Lloyd cuts IPO expectations amid choppy conditions

German containerline Hapag-Lloyd yesterday slashed its IPO forecast by 40%, saying it was now looking to generate $300m from the sale of shares. The company is proceeding with the listing despite choppy conditions for investors and container shipping alike.

Hapag-Lloyd, which merged with Chile’s CSAV last year, said it plans to offer investors up to 15.72m shares in its IPO, of which 11.5m will be new stock from a capital increase.

The shares will start trading on the Frankfurt stock exchange on October 30, with a free float of up to 19%.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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