Hapag-Lloyd Shooting for September IPO

Photo: Hapag-LLoyd

FRANKFURT, Aug 20 (Reuters) – German container shipping group Hapag-Lloyd aims to launch preparations for a stock market flotation in September, earlier than initially planned, four sources familiar with the transaction told Reuters on Thursday.

That would permit the company’s shares to trade on the Frankfurt stock exchange as early as October, the financial sources said.

The company originally aimed to list its shares at the end of 2015 or in 2015 after its earnings performed well for several quarters running.

The group’s strong earnings performance in the second quarter allowed it to advance its listing plans, the sources said. The company plans to publish second-quarter results next later in August.

In the first quarter, the company swung to a first-quarter profit thanks to the stronger U.S. dollar, lower bunker fuel prices and first effects from its merger with Chilean shipper CSAV.

The company has already picked Deutsche Bank, Goldman Sachs and Berenberg to lead the transaction, Reuters reported previously. (Reporting by Alexander Huebner, editing by Thomas Atkins)

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