AmericasContainersFinance and InsuranceMiddle East

ZIM makes disappointing NYSE debut

The first shipping IPO in New York since 2015 disappointed yesterday, especially considering it was a container offering with liners experiencing record profits at the moment.

Israeli carrier ZIM’s IPO fell 23.2% on the first day of trading at the New York Stock Exchange with shares closing at $11.52, having started out at $15.

ZIM sold 14.5m shares at $15 a share, considerably fewer than both the 17.5m shares the company had been aiming to offer and the IPO’s expected $16- to $19-a-share price range.

Another containerline, South Korea’s SM Line, has said this week it is looking to follow in ZIM’s footsteps with an IPO in Seoul.

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.
Back to top button