Container shipping line Hapag-Lloyd has extended the offer period for its initial public offering (IPO) by one week until November 3, 2015.
According to a term sheet that came out before the announcement, the IPO was likely to be priced at the bottom of a range of €23 (US$25.1) to €29 (US$31.7) per share.
The move follows Maersk’s reduced profit forecast announcement on October 23, 2015, which appears to have dampened investors’ enthusiasm.
The German shipping line also affirmed its 2015 forecast, indicating it expects a high single-digit EBITDA margin.
Previously, the carrier slashed expected gross proceeds for its IPO by 40% to US$300m from US$500m amid current stock market volatility.
The company expects 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).
Last week, Maersk announced that it expects to make profits of US$3.4bn rather than the US$4bn previously forecast due to weak market conditions including declining freight rates and weak volumes.