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Israeli shipper Zim exploring IPO on foreign exchange, Globes reports - Metro US

Israeli shipper Zim exploring IPO on foreign exchange, Globes reports

Zim containers are stacked just outside Israel's port of Ashdod

JERUSALEM (Reuters) – Israeli shipping company Zim is considering an initial public offering on a foreign exchange, Israeli news website Globes reported on Monday.

A Zim spokesman said the company was not commenting.

Two options being examined are to hold the offering in London or New York, according to Globes, a financial news website, which did not cite its sources.

Zim, with a workforce of about 4,200 and which had turnover in 2019 of $3.3 billion, has hired three foreign banks to help with the IPO, which will value the shipping company at $750 million, Globes said.

Zim’s shareholders include Kenon Holdings Ltd <KEN.N> <KEN.TA>, which owns 32%. A number of financial institutions and ship owners hold the remaining 68%.

(Reporting by Ari Rabinovitch; Editing by Steven Scheer)

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