April 17 PACC Offshore Services Holdings (POSH)
could raise at least S$388.27 million ($311 million) after
pricing its initial public offering near the bottom of the
pricing range indicated earlier, two sources with knowledge of
the matter said.
Underwriters have recommended POSH to price the deal at
S$1.15 a share against an indicative price range of S$1.13 to
S$1.24 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 sources declined to be named, while the company was not
immediately available for a comment.
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
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
Bank of America Merrill Lynch, DBS Bank and
Oversea-Chinese Banking Corp Ltd are the joint issue
managers, bookrunners and underwriters.
($1 = 1.2503 Singapore Dollars)
(Reporting by Elzio Baretto in HONG KONG and S. Anuradha of IFR
in SINGAPORE; additional reporting by Rujun Shen; Editing by