Hapag-Lloyd lowers IPO price range
German shipping line Hapag-Lloyd has again adjusted the terms of its initial public offering (IPO), this time lowering the price range “due to ongoing market volatility”.
The carrier has cut the price range to between €20 (US$22) and €22 (US$24) a share from an earlier range of between €23 (US$25) and €29 (US$32) per share.
In order to maintain expectations of US$300m in gross proceeds from the IPO, the company is increasing the total number of shares on offer to 13,228,677.
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