Norway's Wilh. Wilhelmsen raised $228 million from a global share sale ahead of a listing of its ocean car shipping and logistics units.

The initial public offering surpassed the $200 million minimum target but fell short of a hoped-for maximum take of $400 million.

Thomas Wilhelmsen, chairman of the board of Wilh. Wilhelmsen, said he was pleased with the market's confidence in the company's ability to create value for its shareholders.

The initial public offering values the new company, WW ASA, at around $835 million.

"With the proposed restructuring we are creating the only listed pure play car/ro-ro and logistics company in the world," Wilhelmsen said.

"The global offering gives WW ASA necessary strength, enabling us to act on opportunities arising within sea transportation of rolling cargo and integrated logistics services. … The company is now well positioned for future growth," Wilhelmsen said.

Wilh. Wilhelmsen said 95 percent of the shares were allotted to institutional investors and 5 percent to private Norwegian investors. The total number of shareholders is over 2,400.

Trading in WW ASA is scheduled to start on the Oslo stock exchange on June 24.

Wilh. Wilhelmsen is one of the world's biggest ocean car carriers with 50 percent stakes in Wallenius Wilhelmsen Logistics and American Roll-on-Roll-off Carrier and 40 percent of EUKOR Car Carriers which control a fleet of around 135 owned and chartered ships.

Wilh. Wilhelmsen's maritime services unit, which is not being spun off, provides ship management, marine engineering and ship equipment services to more than 200 shipyards and 22,000 vessels every year.

Source: JOC