PACC Offshore Services Holdings set for $350m listing
PACC Offshore Services Holdings (POSH), the offshore services firm 21%-owned by Malaysian Bulk Carriers' (Maybulk) is planning a Singapore initial public offering (IPO) of up to $370m, with a good number of the shares going to Malaysian funds, local reports said.
The listing is scheduled for April 25 and is offering between $325m to $370m worth of shares depending on whether the overallotment option is exercised.
The reports said about $300m of the share sale is believed to be already covered by key investors and funds. Cornerstone investors have been allocated some $90m and anchor investors between $80m to $100m, mainly Malaysian funds.
Maybulk is expected to subscribe for around $50m of the IPO to prevent its stake from being diluted.
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