CEVA to go public?

The Hoofddorp, Netherlands-based third-party logistics provider will seek an initial public offering that would value the company at $1.5 billion by April, according to a report from the New York Post citing “a source close to the situation.”    Hoofddorp, Netherlands-based third-party provider CEVA Logistics is planning an initial public offering some time before April, according to a report from the New York Post.
   CEVA, which is majority owned by private equity investment firm Apollo Global Management, first attempted to go public in 2012, but a run of poor financial performance put those plans on the shelf and eventually triggered a financial recapitalization.
   In April 2013, company officials asked bond holders to trade in their holdings for equity in the company. By the end of the campaign, CEVA had reduced its debt by about half, cut its annual cash interest costs in half, and added nearly $300 million to its credit facilities.
   According to the New York Post report, which cites “a source close to the situation,” the latest IPO would value CEVA at roughly $1.5 billion.
   “Apollo has made the decision to IPO and it is slated to happen before Easter,” the source told the newspaper. “They are not looking back.”
   Apollo did not respond to a request for comment, and a spokesperson for CEVA said the company “does not comment on market rumors or speculation.”