Zim Integrated Shipping Services Ltd. has raised $279 million in a secondary offering on the NYSE. Zim held its IPO on Wall Street at $15 per share and since then the share price jumped 200% to $46.60, in part due to improved financial results.
Many Zim shareholders decided to take advantage of the rise in the share price, with an offer for sale but had to make do with $40 per share, down 9% from the previous day's price. Nevertheless, this is still 167% above the IPO price in January.
Zim shareholders KSAC Europe sold shares worth $132 million, European shipping company Danaos sold shares for $69.6 million and Deutsche Bank sold shares for $52.2 million. Julius Baer and ELQ investors also sold shares but Zim's largest shareholder Kenon Holdings (NYSE: KEN; TASE: KEN), controlled by Idan ofer, which has a 27.8% stake worth $1.28 billion, did not sell any shares.
Zim president and CEO Eli Glickman said, 'The offer to sale by the selling shareholders was especially successful with strong demand of three times the amount of shares that were offered for sale."
The selling shareholders have provided the underwriters - Citigroup, Goldman Sachs, Barclays, Jefferies and Clarkson - with an option to buy an additional $42 million of shares over the next 30 days.
Published by Globes, Israel business news - en.globes.co.il - on June 6, 2021
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