| Hapag-Lloyd shares set to make debut today on Germany bourse |
| His:506 Updatetime:2015-11-30 |
Nov.6--TRADING in the shares of German carrier Hapag Lloyd are expected to start today on the Frankfurt Stock Exchange.
The Hamburg-based liner company said it has raised approximately US$300 million and will use the gross proceeds from the issuance of about 13.1 million new shares for investments in vessels and containers.
Subject to the full exercise of a "greenshoe option," which allows underwriters to buy up to an additional 15 per cent of company shares at the offering price, the total placement would amount to $345 million, according to American Shipper.
Hapag Lloyd set the final offer price for its shares at EUR20 ($21.91), the low end of the bookbuilding range on Tuesday. It had set the final price after lowering the price and volume of the offering twice in the past month, a response to weakening conditions in the shipping market.
With its offering at the low end gives the group a market capitalisation of about EUR2.4 billion or less than half the original target of EUR5 billion.
The two largest shareholders are Kuehne Maritime and the Chilean shipping company CSAV, each purchased $30 million in stock.
(Source:shippingazette)
|
