KUALA LUMPUR May 29 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
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)