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Offshore marine firm POSH may raise $388m in Singapore IPO: sources

Published on Apr 17, 2014 11:05 AM

(Reuters) - PACC Offshore Services Holdings (POSH) could raise at least $388.27 million after pricing its initial public offering (IPO) near the bottom of the pricing range indicated earlier, two sources with knowledge of the matter said.

Underwriters have recommended POSH to price the deal at $1.15 a share against an indicative price range of $1.13 to $1.24 a share, the sources said. The company is selling 337.625 million shares excluding the greenshoe option.

The final price needs to be approved by the company or the company's board, the sources added.

The sources declined to be named, while the company was not immediately available for a comment.

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