Old TNT Express, now called Ceva Logistics, files for US$400 million IPO
UK-BASED Ceva Logistics, 91.3 per cent owned by Apollo Global Management LLC, has filed with US Securities and Exchange Commission to raise US$400 million through an initial public offering of common stock, Reuters reports.
CEVA, the world's second biggest non-asset based supply chain management company, told regulators in a prospectus that it would list on the New York Stock Exchange under the symbol "CEVL."
The filing did not reveal how many shares the company or stockholders planned to sell or their expected price, said the report.
Reuters also noted that IPOs in the logistics industry were picking up after a long absence. Linc Logistics, which first filed for an IPO in June 2010, renewed its IPO bid earlier this month.
Apollo bought the logistics division of Netherlands-based TNT, the predecessor of Dutch global express company, TNT Express, in 2006 for $1.9 billion and renamed it Ceva. In 2007, Ceva bought Houston-based freight management group EGL Inc for $2 billion.
Ceva generated a net loss of $358 million drawn on revenue of $9.6 million. Ceva has been posting net losses due to debts, which came to $3.08 billion after a refinancing earlier this year.
DATE:2012.5.8
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