Offshore marine firm POSH may raise $388m in Singapore IPO: sources

(Reuters) - PACC Offshore Services Holdings (POSH) could raise at least $388.27 million after pricing its initial public offering (IPO) near the bottom of the pricing range indicated earlier, two sources with knowledge of the matter said.

Underwriters have recommended POSH to price the deal at $1.15 a share against an indicative price range of $1.13 to $1.24 a share, the sources said. The company is selling 337.625 million shares excluding the greenshoe option.

The final price needs to be approved by the company or the company's board, the sources added.

The sources declined to be named, while the company was not immediately available for a comment.

The deal from POSH, which is part of the empire of Malaysia's richest man, Robert Kuok, is the largest Asia-based international operator of support vessels for offshore oilfields.

The deal comes as Singapore's IPO market 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.

Bank of America Merrill Lynch, DBS Bank and Oversea-Chinese Banking Corp Ltd are the joint issue managers, bookrunners and underwriters.

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