CEVA Logistics to float

CEVA Logistics, the Third Party Logistics (3PL) provider, has announced plans to float on the SIX Swiss stock exchange.

The company announced the plans to conduct the IPO on Monday. The IPO will be an all primary offering in the region of CHF1.3bn.

The IPO is set to take place in Q2 of 2018 subject to the right market conditions being met.

In 2017, CEVA reported revenues of $7 billion, which was 5.2% greater than 2016. EBITDA for 2017 was $280 million.

The firm was established in 2007 when the contract logistics business of TNT Logistics came together with the freight management division 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.”