Offshore marine firm POSH may raise $311m in Singapore

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POSH vesselPACC Offshore Services Holdings (POSH) could raise at least $311 million after pricing its initial public offering (IPO) near the bottom of the pricing range indicated earlier, two sources with knowledge of the matter said, according to a Reuters report.

Underwriters have recommended POSH to price the deal at 1.15 Singapore dollars a share against an indicative price range of 1.13 to 1.24 Singapore dollars a share, the sources said. The company is selling 337.625 million shares excluding the greenshoe option. The final price needs to be approved by the company or the company’s board, the sources added.

The deal from POSH, which is part of the empire of Malaysia’s richest man, Robert Kuok, is the largest Asia-based international operator of support vessels for offshore oilfields.

The deal comes as Singapore’s IPO market has struggled in recent years. Most big-ticket listings in Asia opt for Hong Kong where there is more robust demand from Chinese and international investors.

Bank of America Merrill Lynch, DBS Bank and Oversea-Chinese Banking Corp Ltd are the joint issue managers, bookrunners and underwriters.

PACC Offshore, which operates a fleet of offshore utility vessels such as anchor-handling tugs and ballastable tank barges, is scheduled for an April 25 listing on the Singapore Exchange.

Robert Kuok, according to Forbes, has a net worth of about $11.7 billion. At 90 years old, he is still influential behind the scenes at his family-run business.

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Reading Time: 1 minute

PACC Offshore Services Holdings (POSH) could raise at least $311 million after pricing its initial public offering (IPO) near the bottom of the pricing range indicated earlier, two sources with knowledge of the matter said, according to a Reuters report.

Reading Time: 1 minute

POSH vesselPACC Offshore Services Holdings (POSH) could raise at least $311 million after pricing its initial public offering (IPO) near the bottom of the pricing range indicated earlier, two sources with knowledge of the matter said, according to a Reuters report.

Underwriters have recommended POSH to price the deal at 1.15 Singapore dollars a share against an indicative price range of 1.13 to 1.24 Singapore dollars a share, the sources said. The company is selling 337.625 million shares excluding the greenshoe option. The final price needs to be approved by the company or the company’s board, the sources added.

The deal from POSH, which is part of the empire of Malaysia’s richest man, Robert Kuok, is the largest Asia-based international operator of support vessels for offshore oilfields.

The deal comes as Singapore’s IPO market has struggled in recent years. Most big-ticket listings in Asia opt for Hong Kong where there is more robust demand from Chinese and international investors.

Bank of America Merrill Lynch, DBS Bank and Oversea-Chinese Banking Corp Ltd are the joint issue managers, bookrunners and underwriters.

PACC Offshore, which operates a fleet of offshore utility vessels such as anchor-handling tugs and ballastable tank barges, is scheduled for an April 25 listing on the Singapore Exchange.

Robert Kuok, according to Forbes, has a net worth of about $11.7 billion. At 90 years old, he is still influential behind the scenes at his family-run business.

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