Panalpina Makes Successful Debut on Swiss Stock Exchange
published: cw 39, 2005 in Logistics & ShippingGlobal freight forwarding operator Panalpina has successfully listed on the Swiss stock exchange. Including additionally placed shares in connection with an over-allotment option, a total of 14,025,000 registered shares of Panalpina were sold in the IPO, which corresponds to an offer size of CHF1.12 billion and results in a free float of approximately 56%.
The shares were sold by Panalpina?s previous sole owner Ernst Goehner Foundation which, along with current members of the Board of Directors and the senior management, have committed to hold the shares for at least a year. Panalpina has also committed to a 180 days lock-up period from the first trading day. The price of the shares was set at CHF 80 (?52) and rose by 17% on the first day of trading. The price now stands at CHF 93.7 (?60).
The company?s performance over the past two years has been driven by the strong sea and air freight volumes from Asia Pacific and China. This has allowed it to finally list its shares, a long held strategic goal. It joins Kuehne + Nagel as the other major listed Swiss based logistics provider.
Over the past year many freight forwarders and their owners have taken advantage of the buoyant market. Amongst others, GeoLogistics was sold to MidEast based forwarder PWC Logistics, Wilson Logistics was acquired by TNT and Menlo Worldwide Forwarding by UPS.
Source: Transport Intelligence
----- Advertisement -----
Use this powerful tool to expand your professional vocabulary and ensure that everyone on your team is speaking the same language. www.theKnowledgeTransfer.com |
 paperback student version $ 19,99 hardcover executive version $ 29,99 |
print terms
