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.
Only days ago, Hapag-Lloyd, which is the world’s fifth largest shipping line in terms of existing fleet size, extended the IPO’s offer period by one week until November 3, 2015.
Prior to that, it reduced its gross proceeds expectations from US$500m to US$300m.
Maersk’s US$0.6bn cut in its expected profits, announced on October 23, 2015, appears to have knocked back investor enthusiasm in the Hapag-Lloyd offering.