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May 4, 2018 4:45 PM, EDT

Ceva Logistics Completes IPO, Shares Traded on SIX Swiss Exchange

Ceva Logistics truck Ceva Logistics

Shares in Ceva Logistics began trading May 4 on the SIX Swiss Exchange in Zurich after a successful initial public offering of stock and the move by French ocean shipping line CMA CGM to acquire a 25% stake in the business.

Ceva’s new status as a public company is part of a transformation that the firm has undergone over the past four years, CEO Xavier Urbain said in a statement.

“Our aim was to strengthen the balance sheet of our company,” Ubain said. “This objective is 100% achieved.”

Besides raising a total of 1.2 billion Swiss francs in the stock sale, Ubain said having CMA CGM 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 demand for integrated end-to-end solutions and one-stop-shop providers.”

Ceva Logistics ranks No. 13 on the Transport Topics Top 50 list of largest logistics companies in North America. The company also ranks No. 14 on the list of largest companies in the airfreight and ocean freight forwarders sectors.