Shares Of Ocean Carrier ZIM Jump 64% After 'Abysmal' Debut
After years of failed attempts, ocean carrier ZIM finally went public on Jan. 28, pricing an IPO and listing on the New York Stock Exchange (NYSE). At first blush, its debut looked like an embarrassing flop. The IPO had to be downsized. Shares immediately plunged. But just two weeks later, ZIM (NYSE: ZIM ) is riding high. The IPO was priced at $15 per share, below the $16-$19 per share target range. Then it got worse: Shares collapsed all the way to $11.38 within hours of being listed. Since then, however, it's been all up. On Thursday, the stock closed at $18.69, 64% higher than its post-IPO nadir. Over the past 11 trading sessions, its market capitalization (shares outstanding times share price) increased $837 million — to $2.14 billion. To put that valuation in perspective, only one U.S.-listed pure ocean shipping company is larger: liner company Matson (NYSE: MATX ) with a market cap of $2.87 billion. ZIM's valuation is well above the shipping names in third and fourth place: tanker majors Euronav (NYSE: EURN ), with a market cap of $1.79 billion, and Frontline (NYSE: FRO ), at $1.34 billion.
Shares Of Ocean Carrier ZIM Jump 64% After 'Abysmal' Debut
After years of failed attempts, ocean carrier ZIM finally went public on Jan. 28, pricing an IPO and listing on the New York Stock Exchange (NYSE). At first blush, its debut looked like an embarrassing flop. The IPO had to be downsized. Shares immediately plunged. But just two weeks later, ZIM (NYSE: ZIM ) is riding high. The IPO was priced at $15 per share, below the $16-$19 per share target range. Then it got worse: Shares collapsed all the way to $11.38 within hours of being listed. Since then, however, it's been all up. On Thursday, the stock closed at $18.69, 64% higher than its post-IPO nadir. Over the past 11 trading sessions, its market capitalization (shares outstanding times share price) increased $837 million — to $2.14 billion. To put that valuation in perspective, only one U.S.-listed pure ocean shipping company is larger: liner company Matson (NYSE: MATX ) with a market cap of $2.87 billion. ZIM's valuation is well above the shipping names in third and fourth place: tanker majors Euronav (NYSE: EURN ), with a market cap of $1.79 billion, and Frontline (NYSE: FRO ), at $1.34 billion.