SINGAPORE - Shares of PACC Offshore Services Holdings (POSH) started trading on the Singapore Exchange on Friday morning and were unchanged from the initial public offering (IPO) price of $1.15 per share as of 10.20am.

The company said on Thursday night that its public offer was five times subscribed.

This allowed POSH, an Asia-based operator of offshore support vessels, to meet its target of raising $388.3 million from its IPO.

At the close of its public offer on Wednesday, POSH received 8,567 valid applications for the 211.2 million shares on offer, amounting to a total of $242.9 million, it said.

The institutional and reserved share tranches were also fully subscribed for. Overall, POSH's total offering was about three times subscribed, the company said.