Hapag-Lloyd slashes expected proceeds for IPO
German shipping line Hapag-Lloyd has slashed expected gross proceeds for an initial public offering (IPO) by 40% to US$300m from the US$500m announced on September 29 amid current stock market volatility.
The company, whose offer will start on October 15 and end on October 27, 2015, is expecting to receive US$240m from the sale of newly issued shares to investors and US$30m each from core shareholders Kühne Maritime and Compañía Sud Americana de Vapores (CSAV).
The company announced that it has decided to move ahead with its IPO after receiving positive investor feedback since the announcement of its plans.
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