Pacific Radiance, which owns and manages offshore vessels that provide services for the oil and gas industry, is seeking a mainboard listing on the Singapore Exchange.

It is offering 171.9 million new shares in its initial public offering (IPO) at 90 cents each, according to a prospectus registered with the Monetary Authority of Singapore on Wednesday.

Of these, five million shares will be available to the public, while 163.4 million will be placed out to investors.

The remaining shares will be set aside for Pacific Radiance's independent directors, employees, business associates and "those who have contributed to the success of the group", the company said.

Pacific Radiance is planning to use the IPO's estimated net proceeds of $150.6 million to expand and upgrade the company's fleet as it ramps up its operations.

It manages 133 wholly and jointly owned vessels and employs over 1,200 staff.

The two men behind the success of Pacific Radiance are its co-founders, Mr Sunny Mok Weng Vai and Mr Pang Yoke Min. Mr Pang is the former managing director of Jaya Holdings.

Mr Mok, who is Pacific Radiance's executive director, said: "The listing is well-timed as exploration and production spending on offshore infrastructure is expected to grow strongly."

"The funds raised from the IPO will be used to make significant additions to our offshore support fleet that will enable us to capture growth in the oil and gas and deepwater sectors."

Figures from the company's prospectus show that net profit more than doubled from 2010 to US$31.5 million for its financial year ended Dec 31 last year.

The public offer opened on Nov 6 and will end at 12 noon on Monday, Nov 11.

Trading is expected to commence next Wednesday, Nov 13.