BERLIN - Germany’s Hapag-Lloyd lowered the price range for its shares in its initial public offering and raised the number of new shares offered from a capital increase after shareholder TUI cut the number of shares it was willing to offer. The shipping company had earlier this month trimmed the planned volume of the IPO but a profit warning from peer Maersk due to worse-than-expected overcapacity in the industry rocked already wobbly markets last week. Hapag-Lloyd said on Friday shares would now be offered at between 20 and 22 euros ($21.98-$24.18) apiece, down from a previous range of 23-29 euros. Shareholder TUI was previously planning to offer up to 2.3 million existing shares, plus another 1.9 million to cover potential over-allotments. It said on Friday it would now only offer the shares for the over-allotment option. Hapag-Lloyd therefore increased the amount of shares it will offer from a capital increase to up to 13.2 million, in order to make sure it will still achieve gross proceeds of approximately $300 million. TUI was due to make a book loss on the sale of its shares, even at the previous price range. “We still consider the IPO important for both Hapag-Lloyd and TUI and there is hardly ever an optimal point in time,” a spokesman for London-listed TUI told Reuters, adding that TUI wanted to own a liquid asset after the IPO and be able to make use of market opportunities in future. Part-owner Klaus-Michael Kuehne and Chilean partner CSAV will still place orders worth $30 million each, Hapag-Lloyd said. Hapag-Lloyd said should the offering be successful, shares would start trading on Nov 6. ($1 = 0.9098 euros)