Container line ZIM just pulled off something extraordinary in ocean shipping: It priced a U.S. initial public offering (IPO).
That doesn’t sound like much of an achievement. The U.S. IPO market is booming; proceeds surged 69% in 2020, according to Renaissance Capital. Yet prior to ZIM (NYSE: ZIM), there hadn’t been a U.S. shipping IPO since Barack Obama was in the Oval Office, when Peter Georgiopoulos-led Gener8 Maritime, a company that no longer exists, went public.
ZIM got its IPO done Thursday...