CEVA launches IPO on Swiss stock exchange

The initial public offering (IPO) of CEVA Logistics (CEVA) was launched today with the traditional ringing of a cow bell to open the day’s trading.
CEVA chief executive Xavier Urbain was joined by executives from SIX and other members of the CEVA team to celebrate the company’s arrival on the SIX.
Werner Bürki, head trading, SIX, Securities and Exchanges: "We would like to welcome CEVA Logistics to SIX Swiss Exchange, and we’re delighted to have the company as one of our clients. This IPO highlights once again the appeal and placement resources of the Swiss Exchange for large transaction volumes, as well as for companies that operate globally."
As part of the IPO, CMA-CGM, the third largest container shipping group in the world, has acquired a substantial stake in CEVA Logistics.
The opening price was CHF27.45 per share, corresponding to a market capitalization of CHF 1.14 bn (before the over-allotment option and excluding the CMA CGM Group mandatory convertible securities).
Said Urbain: "We are proud to open this new chapter for CEVA which builds on the transformation that the company has undergone over the last four years. 
"CEVA has successfully repositioned itself among the top third party logistics providers through its global presence, end-to-end service offering in contract logistics and freight forwarding, its balanced blue-chip customer portfolio and its strong solution capabilities. 
"Our aim was to raise CHF1.2bn through the all-primary IPO to strengthen the balance sheet of our company – this objective is 100% achieved. It unlocks additional growth potential with existing and new customers."
Added Urbain: "Having CMA-CGM on board as a shareholder is a sign of confidence and opens up new perspectives for us in the development of complementary services that meet the growing customer demand for integrated end-to-end solutions and one-stop-shop providers. Our current relationships with customers, carriers and other business partners will remain unchanged."
The issued share capital of CEVA comprises 41,361,537 registered shares with a nominal value of CHF 0.10 per share. 

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