Pacific Radiance rises 9% from offer price on SGX debut

SINGAPORE (Reuters) - Shares in offshore oilfield services provider Pacific Radiance traded 9 per cent above its offer price as the company made its debut on the Singapore Exchange on Wednesday.

Pacific Radiance, the first offshore support vessel owner and operator to get listed in Singapore since 2010, started trading at $0.98, compared with $0.90 a share in its initial public offering.

The IPO raised net proceeds of $150.6 million, most of which is earmarked for expansion of the company's fleet, the company said.