The offshore vessel owner and operator successfully raised gross proceeds of SGD154.7m ($123.7m) from the offering. The smaller public tranche of the IPO was 44.8 times subscribed.
The company has earmarked SGD139.9m for the expansion of its fleet.
“Over the past 10 years, we have established a foothold in high-growth and cabotage-protected offshore markets that have helped drive our earnings forward. Opportunities still abound in these markets, and the funds from the IPO will be channelled into growing our presence there, especially in Malaysia, Indonesia, Africa, Australia and Latin America,” said Pang Yoke Min, executive chairman of Pacific Radiance.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
