It has thus been interesting to see two substantial port entities, the Hamburg-based port operator HHLA and international terminal operator DP World, move to undertake partial listings of their respective groups.

HHLA, which is expected to sell around 30% of its shares, has already got to grips with the process making a strong debut on the Frankfurt and Hamburg stock exchanges. HHLA shares were offered at €53 ($78), the higher end of the targeted price range, and quickly raced up to above €60 ($88) per share. Overall reaction to the share offering has proved extremely positive with a spread of investors coming in for the shares comprising institutional investors and private investors including HHLA workers who were offered shares at a 50% discount. Geographically, the spread was also interesting: UK investors accounted for one third of the IPO volume and buyers from the US around 20%.

DP World is planning to dispose of 20% of its shares with the indicative price range to be confirmed on or around November 21 – subsequent to writing this article. There is a bullish mood underpinning the listing despite recent market jitters and it is true to say it is receiving a lot of support in Dubai. The Dubai Government in particular needs this IPO to alleviate criticism about the fact it preaches the benefits of privatisation but has not practiced it in conjunction with its national assets. Equally, the IPO comes as a major boost for the Dubai International Finance Exchange where the shares will be listed.

The experience of these two parties with their respective partial listings will certainly be interesting to monitor over the months ahead. It could prove an interesting pointer for others evaluating similar moves.