Market conditions and regulatory approvals will be factors in the location and total value of an offering.
Israel Corp. (TASE: ILCO) has responded to media reports with a notice to the Tel Aviv Stock Exchange, in which the firm reports that Zim Integrated Shipping Services Ltd. is preparing for a possible IPO on either the Hong Kong Stock Exchange or on the Tel Aviv Stock Exchange. The firm notes that Zim has not yet finalized any decisions regarding the location, timing, or value of an IPO, and that those issues will be influenced by market conditions and regulatory approvals.
Media reports quoted a report in a Hong Kong newspaper, The South China Morning Post, that Zim is considering going public with a Hong Kong IPO. Zim's parent firm Israel Corp. could raise $500 million with the offering.
The Israeli shipping firm would become the first Israeli company to list on the Hong Kong Stock Exchange. The firm was bought at a value of around $240 million.
Reportedly Goldman Sachs and Morgan Stanley will serve as underwriters for the deal.
Published by Globes [online], Israel business news - www.globes-online.com - on February 25, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008