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Hapag-Lloyd set for $500m IPOHapag-Lloyd set for $500m IPO
Hapag-Lloyd is moving ahead with plans for a $500m IPO before the end of the year.
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Kalyakan - stock.adobe.com
The German container line plans to list on the Frankfurt and Hamburg stock exchanges.
It plans to raise at total of $500m by selling $400m worth of shares to the public and institutions with major shareholders Kühne Maritime and Compañía Sud Americana de Vapores (CSAV) subscribing to $50m worth in shares each.
CSAV owns 34% of Hapag-Lloyd following a merger of its container shipping activities with the German line.
Hapag-Lloyd said the proceeds from the offering would be used “for further investments in ships and containers to further strengthen its capital structure, long-term growth and profitability”.
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