UPDATE 2-Hapag Lloyd IPO goes ahead, priced at low end of revised range
* Shares offered at 20 euros each
* Company had originally target market cap of over 5 bln eur
* IPO was postponed on weak demand (Updates with confirmation from Hapag-Lloyd)
FRANKFURT, Nov 3 (Reuters) - German shipping group Hapag-Lloyd priced its initial public offering (IPO) at the low end of a revised range, giving the group a market capitalisation of about 2.4 billion euros ($2.6 bln) or less than half the original target.
Hapag-Lloyd shares were sold at 20 euros ($21.92) apiece, the German shipping company said on Tuesday, confirming an earlier Reuters report.
The company had originally targeted a market cap of more than 5 billion euros, but in wobbly markets offered shares for 23-29 euros each.
Weak demand later prompted it to postpone the IPO, trim the number of shares on offer and lower the price range to 20-22 euros.
Several large investors had cancelled share orders after a profit warning from peer Maersk rocked already jittery markets.
Maersk Line, the world's largest container shipping company which transports a fifth of all goods on the busiest routes between Asia and Europe, has been hit by overcapacities and a slump in freight rates. Continuación...