Kim Heng Offshore & Marine Holdings launches IPO at 25 cents a share
Kim Heng Offshore & Marine Holdings launched its initial public offering (IPO) today at a price of 25 cents a share, raising some $43.5 million in gross proceeds.
It is issuing 174 million invitation shares, comprising 160 million new shares and 14 million vendor shares. Three million of the shares will be made available by public offer.
The IPO price values the firm at $177.5 million. Key institutional investors include Credence Capital Fund II and Zana Asia Fund.
Kim Heng, which has been in the business for more than 40 years, is primarily engaged in two business segments - shipbuilding operations as well as providing offshore marine services and equipment.