Israeli niche operator Zim has filed notice of an initial public offering (IPO) with the US Securities and Exchange Commission with the company expected to raise US$1.5 billion from the sale of 100 million shares.
[s2If is_user_logged_in()]The company, which currently charters 69 of its 70 vessels said it will use the proceeds to develop the fleet, including vessels and containers and to develop further digital initiatives.
In addition the company said the IPO will, “Strengthen our capital structure, to foster financial flexibility and for general corporate purposes. We may also use a portion of the net proceeds to service or repay certain outstanding debt.”
The IPO is expected to take place at the end of this month and is the fourth time that Zim has attempted to list on the New York Stock Exchange (NYSE). Ordinary shares will be listed on the New York Stock Exchange under the symbol “ZIM.”[/s2If]
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