Zim issued at a value of 1.5 billion d – the capital market

Zim Shipping Company, subsidized (32%) by

canon
-4.31%

Base:9,823

opening:9,234

Tall:9,400

low:9,101

change:9,826,598

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Of the Ofer era completed its IPO on the New York Stock Exchange at a lower value than it had hoped for. Prior to the IPO, the company lowered its pricing to $ 15 per share, compared to a range of $ 16-19 previously, and also reduced the number of shares issued. Zim raised $ 217.5 million at a value of $ 1.5 billion before cash.

The company issued 14.5 million shares, which is about 12.7% of the capital, while in a prospectus it published earlier this month it planned to issue 17.5 million shares. The offering was led by Citigroup, Goldman Sachs and Barclays, along with Jeffries and Norwegian investment bank Clarksons Platou Securities. The underwriters were given an option to exercise within 30 days to purchase additional shares worth $ 32.5 million, so that the amount raised in the offering could increase to $ 250 million.

The company, which is managed by Eli Glickman, who will receive options worth about NIS 9.6 million, owns one ship and leases another hundred. As of the end of September, it operated 66 lines worldwide, anchored at 310 ports in more than 80 countries. The company’s estimates for the entire 2020 results predict revenue of about $ 4 billion, compared to $ 3.3 billion in 2019, and a profit of $ 500-525 million, compared to a loss of $ 13 million in 2019.