FRANKFURT: German container shipping company Hapag-Lloyd said on Monday it plans to raise $500 million in new funds by going public by the end of this year.

Hapag-Lloyd ‘intends to list its shares on the regulated markets’ of the Frankfurt and Hamburg stock exchanges, it said in a statement.

The initial public offering (IPO) was expected to raise ‘total gross proceeds in the equivalent euro amount of $500 million’, with $400 million stemming from the sale of new shares to retail and institutional investors.

In addition, core shareholders Kuehne Maritime and Compania Sud Americana de Vapores would each buy $50 million in new shares.