Hapag-Lloyd Likely to Price IPO at 23 Eur/Share
The shares of German container line Hapag-Lloyd will now be offered at between 20 and 22 euros ($22-$24.20) each, down from 23-29 euros previously, reports Reuters.
Its initial public offering on the stock exchanges in Hamburg and Frankfurt set to commence on November 6.
Hapag-Lloyd said that due to ongoing market volatility, the company and its existing shareholders have decided to adjust the price range and the offer structure in the course of the IPO.
"It's no easy thing," the person said, adding that he believed the IPO will go through and not to be canceled.
The new listing will now purportedly offer 15.2 million shares that include 13.2 million in a capital increase, with part-owner TUI AG having also reduced the number of shares it is seeking to sell to 1.9 million from the original 4.2 million.
Hapag-Lloyd lowered the volume of its IPO to $300 million from $500 million earlier in the month because of market volatility.
