The German shipping group Hapag Lloyd will place its initial public offering at the lower end of a revised range, which will give it a market capitalization of 2,400 million euros, less than half the original target, said two people familiar with the business.
Hapag Lloyd shares are being sold at 20 euros ($ 21.92) each after the closing of order books for the titles.
Originally, the company targeted a market capitalization of more than 5,000 million euros. Due to the weak demand it reduced the number of shares on offer and the price range between 20 and 22 euros.
Several large investors canceled share orders after a profit warning from its peer, Maersk, already shook the restless markets.