Singapore-based offshore services firm begins pre-marketing for $506m IPO: sources

SINGAPORE (Reuters) - Offshore marine services provider PACC Offshore Services Holdings (POSH), part of the business empire of Malaysia's richest man Robert Kuok, has begun tapping investors for a listing in Singapore that may raise up to US$400 million (S$506 million), two sources said on Thursday.

"The investor education for PACC Offshore Services has started," said one of the sources familiar with the deal.

A second source said the pre-marketing will last two weeks and after that the company will decide on the formal launch of the IPO.

The firm operates a fleet of more than 50 vessels and another 50 vessels will be delivered over the coming three years, according to its website.

Singapore is home to the world's two biggest rig builders, Keppel Corp and Sembcorp Marine, as well as smaller oil services companies like Ezion Holdings.

POSH was not immediately available to respond to a Reuters request for comment.

The sources declined to be identified because the information has not been made public.

Bank of America Merrill Lynch, DBS Group Holdings and Oversea-Chinese Banking Corp are the bookrunners, Reuters has previously reported.

Register here to get free digital access to The Straits Times until Aug 9, 2015.
Comments