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PACC Offshore Services Holdings IPO three times subscribed
PACC Offshore Services Holdings’ (POSH) initial public offering (IPO) on the Singapore Exchange (SGX) raised SGD388.3m ($310.5m).
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Kalyakan - stock.adobe.com
The public offering was roughly five times subscribed with 8,567 valid applications for a total of 211.2m offering shares. All 186,820,000 shares under the international offering were taken up, with a further 25.2m reserved shares taken up by directors, management and employees of the company, and related group companies.
In total the offering was about three times subscribed.
The IPO raised gross proceeds of SGD388.3m and this will rise to SGD441.3m if over allotment option of 46,125,000 shares granted by Pacific Carriers Ltd (PCL) is taken up in full.
With the proceeds from the IPO POSH said it planned to broaden its fleet diversification, expand into deepwater offshore accommodation and other high-growth asset classes.
POSH started trading on SGX on Friday morning and shares were up marginally from the offer price of SGD1.15 at SG1.155 in early trading.
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