Israel-based ZIM Integrated Shipping goes public on NYSE
The global shipping liner based in Haifa, Israel, went public on the New York Stock Exchange.
By Michael McGrady, Maritime Direct Americas Correspondent
Eli Glickman, the president and chief executive of ZIM Integrated Shipping Services, rang the opening bell to open trading at the New York Stock Exchange in Lower Manhattan some days ago.
Glickman virtually rang the bell and was held as a celebration as the digital-first shipping company entered into a long-awaited IPO, trading on the exchange as ZIM.
The Jerusalem Post reported that the company’s overall initial public offering is valued at $1.5 billion.
In the first days of trading, ZIM exceeded initial price expectations.
However, the company’s overall success on the market has been mixed because investors view the shipping industry as a niche.
Trade Winds notes that the company experienced a “blood bath,” calling ZIM’s IPO a fad to most non-niche investors.
Citigroup, Goldman Sachs, Barclays, Jefferies, and Clarksons Platou Securities are both the global trade coordinators and bookrunners for the IPO.
ZIM’s listing on NYSE is the first of its kind in many, many years.
