Hapag-Lloyd Continues to Prepare for its IPO
Confirming that the company is preparing its initial public offering, Hapag-Lloyd said it “expects total gross proceeds in the equivalent euro amount of US$500 million from the IPO,” says a report in Reuters.
Rolf Habben Jansen, Chief Executive of Germany’s biggest container shipper said that: "There will never be a perfect time ... one should not be too dependent on (the market). From a company perspective, it is a good time."
Some $400 million will be raised from institutional and retail investors, with core owners Kühne Maritime and Compañía Sud Americana de Vapores placing orders of $50 million apiece, the company said earlier in a statement.
Hapag-Lloyd said that proceeds will be used “for further investments in ships and containers to further strengthen its capital structure, long-term growth and profitability.”
It said: “In addition, the core shareholders Kühne Maritime and Compañía Sud Americana de Vapores (CSAV) are participating in the IPO with US$100 million by placing cornerstone orders of $50 million each.”
