Hapag-Lloyd Extends IPO to Nov 3

German container shipping group Hapag-Lloyd has extended the offer period for its initial public offering (IPO) by a week to Nov. 3, the company said on Tuesday.

Books were slated to close on Tuesday and trading was to start Friday, but demand for the shares remains subdued even after Hapag-Lloyd earlier this month trimmed the planned volume of the IPO amid wobbly markets.

People familiar with the deal said on Monday that the company guided investors to price the IPO at the bottom of the 23-29 euro price range.

Hapag-Lloyd on Monday reiterated that its earnings outlook remained unchanged, after peer Maersk had slashed its 2015 profit targets last week.

Reporting by Arno Schuetze