Germany's Hapag-Lloyd flounders in tepid market debut
Add BT as a preferred source
[FRANKFURT] Shares in Hapag-Lloyd hovered around their issue price in their stock market debut as investors gave the German shipping group a lukewarm reception amid concerns over the resilience of capital markets and the shipping sector.
The shares started trading at 20.05 euros (S$30.70) but fell to their issue price of 20 euros apiece within minutes.
Weak demand had prompted Hapag to postpone the IPO, trim the number of shares on offer, lower the price range and then to price at the bottom of the revised 20-22 euros range.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
Asean+3 has made strong progress on cross-border payment connectivity, but more work lies ahead
Indonesia targets year-end start for US$30 billion clean power exports to Singapore
Seatrium surge leads Singapore stocks slightly higher on Tuesday; STI up 0.1%
