Hapag-Lloyd lines up IPO before end of the year
German shipping line Hapag-Lloyd has set out plans to hold an initial public offering (IPO) before the end of 2015, with hopes of raising US$500m.
Funds raised from the share listing on the Frankfurt and Hamburg stock exchanges will be used for “further investments in ships and containers to further strengthen its capital structure, long-term growth and profitability”.
The carrier expects US$400m to stem from the sale of newly issued shares to institutional and retail investors while core shareholders Kühne Maritime and Compañía Sud Americana de Vapores (CSAV) will place orders of US$50m each.
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