Robert Kuok's support vessel business, Posh, launches IPO at $1.15 each

Malaysian tycoon Robert Kuok's PACC Offshore Services Holdings (Posh) plans to raise $388.3 million in gross proceeds through a mainboard initial public offering (IPO) of 252 million shares.

Some 40 million shares will be offered to the public at $1.15 a piece. The bulk of the offering - some 212 million shares - will be placed out to international investors, including 25.2 million shares for POSH directors, management, employees and business associates, and its parent Kuok (Singapore) Ltd and its subsidiaries.

Separate from the offer, two cornerstone investors, Hwang Investment Management and Fortress Capital Asset Management, have agreed to take up 85.6 million shares.

Including over-allotment of 46.1 million shares, the IPO is expected to raise $441.3 million.

Posh, described as the largest Asia-based international operator of maritime support vessels, has a fleet of 112 vessels in operation and another 15 vessels on order.

Its market capitalisation on listing will be about $2.1 billion.

The IPO closes at noon on April 23, with trading of the shares set to start April 25.

Mr Gerald Seow Kang Hoe, chief executive and executive director of Posh, said, "Our strong parentage and the commitment of our highly-experienced management team have built POSH into the largest Asia-based international operator of offshore support vessels and amongst the top five players globally.

"We are therefore well-positioned to capture market opportunities across all our business segments, maintaining our growth momentum and, in particular, expand into the deepwater offshore accommodation segment."