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Zim files to raise up to $360m in secondary offering
The Israeli shipping company will not issue any new shares or receive proceeds from the offering as shareholders seek to profit from the share price s sharp rise.
After its share price has risen more than 200% since its IPO on Wall Street in January, Zim Integrated Shipping Services Ltd. (NYSE: ZIM) has filed with the US Securities and Exchange Commission (SEC) to raise between $312-360 million in a secondary offering, according to the current share price.
Zim itself will not issue any new shares or receive proceeds from the offering as existing shareholders seek to profit from the share price s sharp rise. Existing shareholders will sell 6,730,583 ordinary shares and will grant the underwriters a 30-day option period to purchase up to 1,009,587 additional ordinary shares.
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