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Hapag-Lloyd IPO expects to US$500 million, selling $400 in new shares
GERMAN shipping giant Hapag-Lloyd is planning to raise US$500 million in a stock market flotation, Reuters reports.
The world's fourth largest container liner is planning to sell new shares worth $400 million, while two existing shareholders, Kuehne Maritime and CSAV are placing cornerstone orders of $50 million each.
"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," said Hapag-Lloyd CEO Rolf Habben Jansen.
Hapag-Lloyd is valued at more than EUR5 billion (US$5.6 billion) in the IPO.
Europe's biggest tourism group TUI, which holds 13.9 per cent in Hapag, had stressed in the past that it wants to sell its stake in the event of an IPO as part of a strategy to focus solely on tourism activities.
TUI is selling some shares in the IPO, but will wait for follow-on placements to divest the bulk of its shares.
Hapag-Lloyd posted earnings before interest, taxes, depreciation, and amortization of EUR493.3 million and a net profit of EUR157.2 million in the first half of 2015.
The world's fourth largest container liner is planning to sell new shares worth $400 million, while two existing shareholders, Kuehne Maritime and CSAV are placing cornerstone orders of $50 million each.
"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," said Hapag-Lloyd CEO Rolf Habben Jansen.
Hapag-Lloyd is valued at more than EUR5 billion (US$5.6 billion) in the IPO.
Europe's biggest tourism group TUI, which holds 13.9 per cent in Hapag, had stressed in the past that it wants to sell its stake in the event of an IPO as part of a strategy to focus solely on tourism activities.
TUI is selling some shares in the IPO, but will wait for follow-on placements to divest the bulk of its shares.
Hapag-Lloyd posted earnings before interest, taxes, depreciation, and amortization of EUR493.3 million and a net profit of EUR157.2 million in the first half of 2015.
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