Icon's valuations are close to the big boys such as Bumi Armada and SapuraKencana Petroleum at these levels, local reports said. However, the company has strong support, with nine cornerstone investors, including savvy investor Chua Ma Yu, government-linked funds Lembaga Tabung Haji and Permodalan Nasional Bhd, and leading fund management firms, such as Hwang Investment Management, Maybank Asset Management and Nomura Asset Management, taking just over half the shares on offer.
Icon Offshore has a fleet of 32 vessels and is the top pure OSV player in Malaysia and one of the largest in Southeast Asia. Of the funds raised MYR493m be for capex, of which MYR461m will go towards vessel acquisition. It has six vessels under construction and is in talks to build one more, which should raise fleet count to 39 by the first quarter of 2016.
By early-2016, its fleet will consist of 26 anchor-handling tugs (AHT) and anchor handling tug supply vessels (AHTS), four straight supply vessels, two utility vessels, three platform supply vessels (PSV), three accommodation work boats (AWB) and one fast crew boat.
Icon Offshore was created from a merger between Tanjung Offshore's OSV arm and founder Jamal Yusof's Omni Petromaritime in a deal put together by Malaysian government fund Ekuinas in 2012. The listing of Icon Offshore will be the first in Ekuinas' stable.
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