ISRAELI liner operator Zim has
filed a preliminary prospectus with the US Securities Exchange Commission
(SEC) for its long-anticipated initial public offering.
The container and logistics company plans to trade its
shares on the New York Stock Exchange (NYSE), becoming only the
second container line after Matson to be listed on the Big Board.
Terms of the offering are not included in a preliminary
filing, which is submitted to the SEC for review and approval, but the Israeli
news outlet Globes reports that Zim is aiming to raise between US$300 and
$500 million in the offering, which would give the company a market
value of $1.5 billion.
The offering, which is being led globally by Barclays,
Goldman Sachs, and Citigroup, would provide Zim with funds to support long-term
growth initiatives, reports the Maritime Executive, Fort Lauderdale,
Florida.
The prospectus highlights that they do not have specific
plans for the proceeds, but that its uses would include investing in vessels,
containers, and other digital initiatives, strengthening the capital structure,
fostering financial flexibility, or possibly to service or repay certain
outstanding debt.
Zim has been openly discussing its goal of running an IPO
for months. The company had taken several steps to improve its financials,
including the early repayment of $55 million in debt in September. The timing
of the offer, which is expected to be completed by late January, is seen as a
move to leverage the strength of the global container and logistics markets.
Zim's most recent financial results show a strong
performance with revenues up more than six per cent in the first nine months of
2020 to over $2.6 billion. The adjusted net profit for the first nine
months of the year was nearly $176 million versus a $10 million loss in 2019.
Source : HKSG / Photo : The Times of Israel
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