Softship Issues IPO At $3.42 Per Share

Tuesday, June 19, 2001
German software company Softship will issue shares in its initial public offering at $3.42 per share, below the company's $4.50-$5.35 bookbuilding range, the lead underwriter said on Tuesday.

Andreas Beyer, CEO at VEM Virtuelle Emissionshaus, reportedly said the company would delay its initial public offering by one day to June 22 to allow investors to place orders for the stock at the reduced issue price.

Due to adverse market conditions, Softship, which makes software for the shipping industry, will not be listed in the small-cap SMAX index but on stock exchange's official trading segment.

The company's lower-than-expected issue price comes amid an increasingly unfavorable market environment for IPOs in Germany.

Hamburg-based Softship plans to issue 750,000 shares as part of a capital increase, which will bring its freefloat to 44 percent.

The company said it planned to use expected IPO proceeds of around three million euros ($2.57 million) to expand its marketing and sales network.

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

Oil Plunge Deepens High-yield Gloom

US crude fell to a more than six-year low this week, clouding the picture for a high-yield energy sector that already faces a significant cull when credit lines are reevaluated in autumn.

NASSCO Invests in Facilities, Equipment and People

General Dynamics NASSCO has invested several hundred million in capital projects as part of its efforts to increase efficiencies via  modular shipbuilding, including:

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2718 sec (4 req/sec)