The fourth largest container liner shipping company worldwide is preparing its initial public offering (“IPO”). Hapag-Lloyd intends to list its shares on the regulated market (Prime Standard) of the Frankfurt Stock Exchange and on the regulated market of the Hamburg Stock Exchange in 2015, the Hamburg-based global player announced on Monday.
Core Shareholders to Participate
Hapag-Lloyd expects total gross proceeds in the equivalent Euro amount of US$500 million from the IPO. US$400 million will stem from the sale of newly issued shares to institutional and retail investors. In addition, the core shareholders Kühne Maritime (“Kühne”) and Compañía Sud Americana de Vapores (“CSAV”) are participating in the IPO with US$100 million by placing cornerstone orders of US$50 million each.
Investments in Ships and Containers
Hapag-Lloyd intends to use the expected US$500 million IPO proceeds for further investments in ships and containers to further strengthen its capital structure, long-term growth and profitability. According to the company, the offer will also comprise additional shares from TUI and a market standard greenshoe.
“The IPO is an important milestone in the history of Hapag-Lloyd”, said Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd. “This move will give us better access to the capital markets which will enable us to further invest in our business to become more competitive, which will be good for our customers, our people and our shareholders. We are especially pleased about the investment of our core shareholders which underlines once more their confidence in the future of Hapag-Lloyd.”
source and further details: