{"id":13946,"date":"2015-10-14T10:07:00","date_gmt":"2015-10-14T10:07:00","guid":{"rendered":"https:\/\/seafarersrights.org\/hapag-slashes-ipo-target\/"},"modified":"2015-10-14T10:07:00","modified_gmt":"2015-10-14T10:07:00","slug":"hapag-slashes-ipo-target","status":"publish","type":"post","link":"https:\/\/seafarersrights.org\/hapag-slashes-ipo-target\/","title":{"rendered":"Hapag slashes IPO target"},"content":{"rendered":"
\n

Container line Hapag-Lloyd has scaled back its initial public offering (IPO) on the German stock exchange amid bleak market sentiment.<\/p>\n

The world’s fifth-largest container carrier now aims to generate about USD300 million in its IPO until 30 October, down from an earlier goal of about USD500 million, the company said in an update on 14 October.<\/p>\n

Based on a price range of EUR23-29 (USD26-33) per share, Hapag-Lloyd’s floating stock would total up to 19% of its equity, including existing shareholders with stakes of less than 5%, said the company.<\/p>\n

Hapag-Lloyd plans to spend the IPO proceeds on fleet expansion and new container equipment.<\/p>\n

Two large shareholders – Chile’s shipping group CSAV and freight forwarding entrepreneur Klaus-Michael K\u00fchne – have pledged to support the IPO, each through subscribing for new shares worth about USD30 million.<\/p>\n

The issue volume for new investors will rise if TUI considers the final price right for shedding much of its shareholding.<\/p>\n

While the German tourism group has been trying for years to divest, it has been thwarted by the global financial crisis and volatile conditions in the container shipping market.<\/p>\n<\/p>\n

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(184 words) <\/div>\n
<\/a><\/a><\/a><\/div>\n<\/div>\n

This post was sourced from IHS Maritime 360: View the original article here.<\/a><\/p>\n ","protected":false},"excerpt":{"rendered":"

Container line Hapag-Lloyd has scaled back its initial public offering (IPO) on the German stock exchange amid bleak market sentiment.
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