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POSH makes muted debut on SGX
PACC Offshore Services Holdings (POSH) made a muted debut on the Singapore Exchange on Friday. The counter closed the day at S$1.155 on Friday, just a touch above its IPO price.
SINGAPORE: PACC Offshore Services Holdings (POSH) made a muted debut on the Singapore Exchange on Friday.
The counter closed the day at S$1.155 on Friday, just a touch above its initial public offering (IPO) price.
The offshore oil services company -- linked to Malaysian billionaire Robert Kuok -- sold shares at S$1.15 each for its IPO, raising S$388 million.
The IPO is the biggest in Singapore so far this year, and the retail portion was about five times subscribed.
POSH operates a diversified fleet of support vessels for the offshore oil and gas exploration and production sector.
It is ranked one of the world's top five operators of offshore support vessels based on the number of vessels it owns.
The firm said it has about S$600 million worth of ships to be delivered up until the first quarter of next year, and has plans for further capital expenditure of another S$291 million.
Kuok Khoon Ean, chairman of POSH, said: “The pursuit for new energy resources still continues. Unfortunately, areas of access are getting less easy, further offshore, deeper oceans. Also, a lot of existing infrastructure requires repair and maintenance.
“Part of our overall strategy is to follow that industry trend and apply our resources and assets accordingly. That's why we have ventured into a major shift in deeper offshore assets and accommodation vessels, which we see a growing increase in demand."
Source: CNA