Hapag-Lloyd Likely to Price IPO at 23 eur/share

German container shipping group Hapag-Lloyd is likely to price its initial public offering (IPO) at the bottom of the price range, two people familiar with the process said on Monday.

"The final price guidance is 23 euros a share," one of the sources said.

The group, whose shares are slated to start trading on Friday with the offer price to be set on Tuesday, had previously signalled a price range of 23-29 euros to prospective investors.

But amid wobbly markets Hapag-Lloyd earlier this month trimmed the planned volume of the IPO.

After peer Maersk slashed its 2015 profit targets on Friday, Hapag-Lloyd on Monday reiterated that its earnings outlook remained unchanged.

The company joins several German groups that have recently had to curb their capital raising ambitions, like plastics maker Covestro and automotive supplier Schaeffler.

 

(Reporting by Alexander Hübner and Arno Schuetze)