ZIM Integrated Shipping delays its planned $500 mln HK IPO

The decision was taken due to the present unfavorable market condition as well as the first quarter results amounting to US$29 million
 
Israel-based ZIM Integrated Shipping Services decided to delay its planned $500 million IPO at the Hong Kong stock exchange.
 
The decision was taken due to the present unfavorable market conditions as well as first quarter loss announced by the company, amounting to US$29 million.
 
Earlier this year it was announced that the company can potentially raise more than $500 million from its initial public offering in Hong Kong.
 
ZIM, the largest container shipping firm in Israel, had mandated Goldman Sachs and Morgan Stanley as arrangers of the offering, the paper said, adding the listing may take place in the second half of the year.
 
ZIM will be the first Israeli firm to list in Hong Kong after a the Hong Kong bourse held a roadshow last year in the Middle East, seeking to attract more overseas companies to list in the territory.