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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
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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