KUALA LUMPUR, June 25 (Reuters) - Malaysia’s Icon Offshore Bhd, whose ships offer support services for oil platforms, soared 15 percent in its first day of trade after raising 945 million ringgit ($295 million) in an initial public offering.
Icon, 88 percent held by Ekuiti Nasional (Ekuinas), a government-owned private equity fund, is the country’s largest pure-play offshore service vessel provider. It has 32 ships and 14 percent of the domestic market.
The stock was trading at 2.13 ringgit on Wednesday morning , compared with its IPO price of 1.85 ringgit. At one point, it rose as high as 2.19 ringgit. The broader market declined 0.1 percent.
The IPO funds will be used to expand its fleet - which is relatively young with the average age of its vesssels at 5 years, and to repay debt.
BNP Paribas, Credit Suisse and Maybank Investment Bank were joint global co-ordinators of the IPO.
$1 = 3.2170 Malaysian Ringgit Reporting by Yantoultra Ngui; Editing by Edwina Gibbs