Robert Kuok’s offshore marine firm POSH eyes S$388m IPO

SINGAPORE — PACC Offshore Services Holdings (POSH), part of the business empire of Malaysia’s richest man, Mr Robert Kuok, launched its initial public offering on the main board yesterday, seeking to raise about S$388 million after pricing the IPO at the bottom of an expected range.

If the IPO is successful, it will be the largest in Singapore this year, but it comes as the IPO market here has struggled in recent years. Most big-ticket listings in Asia opt for Hong Kong, where there is more robust demand from Chinese and international investors.

The Singapore-based operator of offshore support vessels is selling about 337.6 million shares at S$1.15 apiece, against an indicative price range of S$1.13 to S$1.24.

The IPO comprises 252 million offering shares and 85.6 million cornerstone shares.

If an over-allotment option of 46.1 million shares granted by Kuok Group shipping company Pacific Carriers is exercised, the total proceeds could increase to S$441.3 million, POSH said.

POSH is expected to have a market capitalisation of about S$2.1 billion.

Mr Gerald Seow, Chief Executive Officer and Executive Director of POSH, said: “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 ... We are, therefore, well-positioned to capture market opportunities across all our business segments, maintain our growth momentum and, in particular, expand into the deepwater offshore accommodation segment.” AGENCIES