May 29, 2014 / 10:06 AM / 3 years ago

Malaysia's Icon Offshore to raise up to $293 mln from IPO-IFR

KUALA LUMPUR, May 29 (Reuters) - Malaysia’s Icon Offshore Bhd, whose ships offer support services to oil platforms, will raise 919 million-945 million ringgit ($285.2 million-$293.3 million) from its listing after setting the price range at 1.80-1.85 ringgit per share, IFR reported on Thursday.

Bookbuilding will start on Friday and continue for a week, according to IFR, a Thomson Reuters publication. The price range implies a 2015 price-to-earnings ratio of 13-15 times, IFR added.

Icon, part of Malaysian government-linked private-equity fund Ekuiti Nasional (Ekuinas), plans to add to its fleet of 32 ships and repay debt using funds raised through the initial public offering (IPO).

The offshore support vessel company plans to sell up to 510.6 million shares - 324.7 million to domestic and foreign institutional investors, 135.3 million to indigenous “Bumiputra” institutional investors, and 50.6 million to individual investors, according to a draft prospectus filed on March 26.

Around nine cornerstone investors are expected to take up most of the institutional offer, on which there is a six-month lock-up period, IFR reported.

BNP Paribas, Credit Suisse and Maybank Investment Bank are joint global co-ordinators for Icon’s IPO.

$1 = 3.2225 Malaysian Ringgits Reporting by S.Anuradha of IFR; Writing by Yantoultra Ngui; Editing by Miral Fahmy

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