PACC Offshore Services Holdings (POSH) has launched its IPO as it plans to raise S$388.3 million in gross proceeds and if the IPO is successful, the IPO would be the largest IPO in the Singapore Exchange (SGX) this year. About forty million shares out of a total of 337.63 million shares will be set aside for retail investors. The company is linked to Robert Kuok, the richest man of Malaysia.
The IPO price is $1.15 and comes at the bottom end of an expected price range of between S$1.13 and S$1.24 a share. POSH operates a diversified fleet of support vessels for the offshore oil and gas exploration and production sector and is the largest Asian- based provider of offshore support vessels and one of the top 5 globally.
POSH’s IPO closes on 23 April and will commence trading on April 25. I expect ......
