ZIM Integrated Shipping Services, an Israeli container shipping company with over 320K TEU capacity, announced terms for its IPO on Tuesday.
The Haifa, Israel-based company plans to raise $306 million by offering 17.5 million shares at a price range of $16 to $19. At the midpoint of the proposed range, ZIM Integrated Shipping Services would command a fully diluted market value of $2.1 billion.
The company states that it is a global, asset-light container liner shipping company with leadership positions in niche markets where it believes it has competitive advantages that allow it to maximize market position and profitability. As of September 30, 2020, it operated a global network of 66 weekly lines, calling at 310 ports in more than 80 countries. The company plans to issue dividends worth up to 50% of annual net income.
ZIM Integrated Shipping Services was founded in 1945 and booked $3.5 billion in revenue for the 12 months ended September 30, 2020. It plans to list on the NYSE under the symbol ZIM. Citi, Goldman Sachs, Barclays, Jefferies and Clarksons Platou Securities are the joint bookrunners on the deal. It is expected to price during the week of January 25, 2021.
The article Israeli cargo shipper ZIM Integrated Shipping Services sets terms for $306 million US IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.