Textainer’s New York IPO below expectations
Textainer Group Holdings Ltd., the world's largest container lessor, saw its 9 million-share initial public offering open below expectations on its Wednesday debut on the New York Stock Exchange.
The Bermuda-based company’s IPO was $16.50 per share, down on the anticipated $19 to $21 per share range. The share price closed at $17 after 4.96 million shares were traded.
Established in 1979, the company has a fleet of more than 1.3 million containers, primarily dry freight units, representing more than 2 million TEUs. Textainer is majority owned by South African company Trencor and has its administrative headquarters in San Francisco.
In July, Textainer acquired the exclusive rights to manage the container fleet of Capital Lease from Green Eagle Investments swelling its fleet by some 500,000 TEUs.