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POSH to raise $310.5m from Singapore IPO, eyes expansion

PACC Offshore Services Holdings (POSH) is set to raise SGD388.3m ($310.5m) from an initial public offering (IPO) on the Singapore Exchange.

The offshore arm of Kuok Group shipping company Pacific Carriers Ltd priced its IPO at SGD1.15 per share. The offering comprises 252,020,000 offering shares and 86,605,000. Hwang Investment Management Berhad and Fortress Capital Asset Management have entered into subscription of the cornerstone shares at the offer price.

Net proceeds from the IPO are expected to be SGD374.8m and will be used for the repayment of revolving debt facilities and capital expenditure. POSH said it planned to broaden its fleet diversification, expand into deepwater offshore accommodation and other high-growth asset classes.

“Our strong parentage and the commitment of our highly-experienced management team have built POSH into the largest Asia-based international operator of offshore support vessels and amongst the top five players globally,” said Gerald Seow, ceo and executive director of POSH.

The company has a fleet of 112 vessels in operation, including 45 owned by joint ventures, with a further 15 newbuildings on order.

“We are therefore well-positioned to capture market opportunities across all our business segments, maintaining our growth momentum and, in particular, expand into the deepwater offshore accommodation segment,” Seow added.

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