Shares of Israeli liner company Zim have not only recovered fully from disastrous early trading following January’s initial public offering, but have now gained more than 30%.
After pricing at $15 on 28 January, Zim plunged to $11.50 on its first trading day, shedding more than $400m in equity value in the process. It was what financiers term a “busted” deal or IPO.
