PACC Offshore Services Holdings seeks up to $420m in Singapore IPO: term sheet

SINGAPORE (Reuters) - PACC Offshore Services Holdings (POSH) is looking to raise between US$304 million (S$383 million) and US$334 million (S$421 million) in a Singapore listing, according to a term sheet seen by Reuters.

POSH, which is part of the empire of Malaysia's richest man, Robert Kuok, operates a fleet serving offshore oilfields in Asia, Africa and Latin America.

The company is also reserving the right to issue additional shares worth up to US$46 million under a greenshoe option, meaning the total amount raised could be as much as US$380 million.

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

Hwang Investment Management Berhad and Fortress Capital Asset Management are cornerstone investors in the deal.