SHIPPING line Zim announced the pricing of its initial public offering of 14.5 million ordinary shares at a price of US$15.00 each.
The ordinary shares are expected to begin trading on the New York Stock Exchange today (28 January) under the symbol ZIM. The offering is expected to close on 1 February, subject to customary closing conditions.
Citigroup, Goldman Sachs and Barclays are acting as global co-ordinators and Jefferies and Clarksons Platou Securities are acting as joint bookrunners for the proposed IPO.
Zim’s most recent results, from Q3 2020, reported a net profit of US$144 million in the quarter, up from US$5 million in Q3 2019.
Its revenues for the quarter were US$1 billion up 20% on the same period in 2019.
Commenting on the results in November, Zim president and CEO called the results exceptional.
“Zim’s outstanding results in the third quarter represent a new all-time record,” he said.
“This remarkable and exceptional achievement stems from our long-term strategy and vision and reaffirms it. I expect Q4 results to be at least as high as Q3 results.”