Global third-party provider CEVA Logistics on Friday kicked off its initial public offering on the SIX Swiss Stock Exchange.
The company priced its IPO at 27.50 Swiss francs per share, the low end of its previously indicated range of CHF 27.50 to CHF 52.50 per share.
CEVA seeks to raise CHF 1.2 billion from the IPO, including a private placement from French ocean carrier CMA CGM, and will use the proceeds primarily to repay existing debt.
Currently the third-largest container carrier worldwide, CMA CGM last week confirmed the acquisition of a 24.99 percent stake in CEVA, which at the IPO price of 27.5 CHF per share, amounts to about CHF 379 million.