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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%.