Hapag-Lloyd raises $300m through initial public offering

The Hamburg-based liner carrier plans to use the gross proceeds from its public stock float for investments in vessels and containers, according to a statement from the company.

   German ocean carrier Hapag-Lloyd said Tuesday it had raised approximately $300 million through its initial public offering.
   The Hamburg-based liner company said it will use the gross proceeds from the issuance of about 13.1 million new shares for investments
in vessels and containers.
   Two of Hapag-Lloyd’s largest shareholders, Kühne
Maritime and the Chilean shipping company CSAV, each purchased $30 million in stock. Nearly 2 million over-allotment shares are
provided from the existing holdings of the German tourism company TUI, which was formerly the parent company of Hapag-Lloyd.
   Subject to the full exercise of a “greenshoe option,” which allows underwriters to buy up to an additional 15 percent of company shares at the offering price, the total
placement would amount to $345 million.
   Shares of Hapag-Lloyd are expected to start trading
on the Frankfurt Stock
Exchange and Hamburg Stock Exchange Nov. 6.