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.
Rolf Habben Jansen, Hapag-Lloyd’s CEO, said: “The IPO is an important milestone in the history 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.”
The German carrier’s current fleet consists of 188 container ships with a total capacity of 1m teu, making it the world’s fifth largest container shipping line according to the latest figures from industry analysts, Alphaliner.