Zim Integrated Shipping Services debuted on the New York Stock Exchange yesterday with an initial public offering (IPO) of 14.5 million ordinary shares offered at US$15 a share, with the price slipping to US$11.52 by the close.
[s2If is_user_logged_in()]An initial offering saw less than half the shares sold with the IPO due to close on 1 February with an option for a further 2,175,000 shares on a 30-day option at the IPO price.
The Zim listing is particularly surprising given the company is the first container ship listing on the New York exchange for around six years and the container shipping industry is currently in the midst of a boom in profits.
But even as president and CEO Eli Glickman heralded the launch of the IPO as marking “an important milestone for ZIM in a history spanning more than 75 years. Following a successful IPO, ZIM is now a public company traded on the New York Stock Exchange,” the slip on the initial share price will have disappointed the company.[/s2If]
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