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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.

Chris Dupin

Chris Dupin has written about trade and transportation and other business subjects for a variety of publications before joining American Shipper and Freightwaves.