Tuesday, July 30, 2013
POSH Semco seeks S$300-S$500 mln IPO in Singapore - sources
(Reuters) - Offshore marine services provider POSH Semco, controlled by Malaysia's richest man Robert Kuok, is seeking to list shares in Singapore in a deal worth S$300 million to S$500 million ($237 million to $395 million), sources said on Monday.
The deal is expected to be launched in September or October, two people with direct knowledge of the deal told Reuters. POSH Semco's market capitalisation is expected to reach nearly $1 billion after its shares are listed, one of the sources said.
POSH Semco, a member of the Kuok Group, did not respond to a Reuters request for comment. The sources declined to be identified because the information has not been made public.
POSH Semco owns and operates a fleet of more than 100 vessels, providing support for offshore oil and gas activities.
The deal will follow the recent initial public offerings of exploration firms KrisEnergy Holdings Ltd and Rex International Holding Ltd in the Singapore market.
Singapore is home to the world's two biggest rig builders, Keppel Corp Ltd and Sembcorp Marine Ltd, as well as smaller oil services companies like Ezion Holdings Ltd .
The deal comes amid a pick-up in listings on Singapore's stock exchange, including those of OUE Hospitality Trust and SPH REIT.
One source said the figures were preliminary as the deal has yet to be launched and that POSH Semco has not determined how existing and new shares will be sold in the IPO.
Bank of America Merrill Lynch, DBS Group Holdings Ltd and Oversea-Chinese Banking Corp Ltd are the bookrunners, the sources said.
All three of the banks declined to comment.
Pacific Carriers Ltd, another company backed by Kuok, sealed a joint venture deal with Dubai's indebted Drydocks World last year. ($1 = 1.2649 Singapore dollars)