Switzerland based company CEVA has raised CHF1.2 billion (£890 million) from its flotation at the SIX Swiss Exchange. Part of the company handles third party logistics (3PL).

Chief executive Xavier Urbain said: “Our aim was to raise 1.2 Bn CHF through the all-primary IPO to strengthen the balance sheet of our company – this objective is 100 per cent achieved. It unlocks additional growth potential with existing and new customers.”

One of the major new shareholders is to be the container shipping line CMA-CGM.

“Having CMA-CGM on board as a shareholder is a sign of confidence and opens up new perspectives for us in the development of complementary services that meet the growing customer demand for integrated end-to-end solutions and one-stop-shop providers,” said Urbain.

The flotation is aimed at reducing the debt that CEVA has developed over the years. In 2017 this debt burden reached $2.1 billion, an increase from $1.9bn in 2016. Interest repayments amounted to $258 million.

As well as fundraising and debt repayments, the IPO also involves merging CEVA Holdings LLC with CEVA Logistics AG. The new company is to be based at Baar, just twenty minutes outside of Zurich and is where most of the board of directors currently work.

Prior to the flotation, the three largest shareholders were investment funds managed by affiliates of Capital Research and Management Company, Franklin Advisors, Inc and Apollo Global Management. They said they would maintain an investment in the company after the IPO and have agreed to a lock-up period of 180 days.