Rex International launches its IPO at 50 cents each to raise up to $85 million

OIL exploration company Rex International Holding is seeking to raise up to $85.25 million via a public listing here.

Rex boasts innovative exploration technology that it claims could mean a 50 per cent success rate in locating oil - far above the 10 per cent to 15 per cent industry average.

The Singapore-incorporated entity launched its initial public offer (IPO) on July 22 for a Catalist listing. It is offering 142.5 million shares at 50 cents apiece.

Of these, 2.5 million will be available to the public, with 140 million for the placement tranche. There is also an over-allotment option of 28 million shares.

With a market value of $488.3 million upon listing, Rex is set to be among the three most valuable Catalist-listed companies.