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.
