Kim Heng Offshore Singapore IPO 5.8 times subscribed

Kim Heng raised SGD42.7m ($33.4m) from selling 174m shares at SGD0.25 per share. Some 20.1% of the offering was place with institutional and individual investors Havenport Asset Management, OneEquity SG and Chew Thiam Keng.

With the offer 5.8 times subscribed total monies received were SGD210.1m.

“It is heartening to learn that the investment community strongly believes in us. This is a testament of our strong fundamentals, and also a sign that they have faith in our growth potential,” said Thomas Tan, chairman and ceo of Kim Heng.

“We are very excited about our listing as it marks yet another milestone for Kim Heng and we look forward to strengthening and expanding our business in Singapore and overseas moving forward.”

Kim Heng plans to use SGD20m from the proceeds raised to enhance its yard facilities and expand its fleet and further SGD7m is earmarked for investments, acquisitions and strategic alliances.

"We are pleased to welcome Kim Heng Offshore & Marine Holdings to Catalist. The maritime and offshore services sector plays a key role in Singapore’s vibrant economy," said Lawrence Wong, head of listings for SGX.

The company’s shares began trading on SGX's second board Catalist on 22 January and were up at SGD0.305 after the first hour’s trading.