German-Chilean container line Hapag-Lloyd AG has authorised a number of investment banks to advise on an initial public offering (IPO) which could value the shipping company at around US$5.5 billion, according to the Wall Street Journal.
The investment banks involved in the advisory of the IPO are Deutsche Bank AG, Goldman Sachs and Joh. Berenberg Gossler & Co.
This news follows the recent announcement that Hapag-Lloyd and Chilean shipping line Compañía Sud Americana de Vapores (CSAV) had completed the merger of its container shipping business, making it the fourth largest in the world.
The banks said that Hapag Lloyd is also planning to float a minority stake on the Frankfurt stock exchange in Autumn, 2015.
The shipping line had stated that it intended to finalise its merger with CSAV and focus more on productivity before following through with the IPO.
Hapag Lloyd competes with larger rivals on the Asia-Europe, trans-Atlantic and trans-Pacific routes.
The IPO is intended to reduce company debt that totals around $3.5 million.
(Source: iStock)
