CEVA Logistics reveals IPO plans
Third party logistics (3PL) provider CEVA Logistics has announced its intention to conduct an initial public offering (IPO) and to list its shares on SIX Swiss Exchange.
In a statement issued today (9 April), CEVA said that the proposed IPO is expected to consist of an all primary offering in the amount of approximately CHF 1.3bn.
CEVA expects to list in the second quarter of 2018, subject to market conditions.
The company reported revenues of $7.0bn in 2017, up by 5.2% on the previous year, and an adjusted EBITDA of $280m.
CEVA was established in 2007 by the combination of the contract logistics business of TNT Logistics and the freight management business of Eagle Global Logistics.
Xavier Urbain, CEO of CEVA, said: “The planned IPO and deleveraging will allow us to open the next chapter in the development of the Company: CEVA will be able to accelerate organic growth and participate in market consolidation. We are executing plans to further improve our profitability significantly and we are confident that we can deliver attractive returns to shareholders.”