Offshore Shipping Online

A publication for the offshore shipping industry published by Clarkson Research

  • Offshore Intelligence Monthly
  • Menu

    POSH launches IPO

    Company News // April 17, 2014

    PACC Offshore Services Holdings Ltd (POSH) has launched an Initial Public Offering (IPO) on the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST).

    The company, in consultation with its issue nanagers, bookrunners and underwriters, BofA Merrill Lynch, DBS Bank and OCBC Bank, has priced its IPO at the offering price of S$1.15 per share.

    Comprising 252,020,000 Offering Shares and 85,605,000 Cornerstone Shares, the IPO is expected to raise gross proceeds of approximately S$388.3 million.

    Assuming the Over-Allotment Option of 46,125,000 Shares granted by Pacific Carriers Limited (PCL) is exercised, the total gross proceeds raised which is payable to the company and PCL would be approximately S$441.3 million.

    POSH is expected to have a market capitalisation of approximately S$2.1 billion when listed.

     

    More articles from this category

    More news