ZIM Integrated Shipping Services, an asset-light Israeli container shipping liner leasing about 400K TEU capacity, raised $218 million by offering 14.5 million shares at $15, below the range of $16 to $19. The company offered 3 million fewer shares than anticipated. At pricing, the company raised 29% less in proceeds than expected.
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. The company plans to issue dividends worth up to 50% of annual net income.
ZIM Integrated Shipping Services plans to list on the NYSE under the symbol ZIM. Citi, Goldman Sachs, Barclays, Jefferies, and Clarksons Platou Securities acted as lead managers on the deal.
