NauticAWT Pushes IPO Button

NauticAWT has launched its initial public offering (IPO) in connection with its proposed listing on the Catalist board (Catalist) of the Singapore Exchange Securities Trading Limited (SGX-ST).

A Singapore-headquartered firm offers subsurface, subsea and surface facilities engineering services and contracting solutions for field exploration, field development and field refurbishments for the oil and gas industry,

Canaccord Genuity Singapore is the Sponsor and Issue Manager, Underwriter and Placement Agent in connection with the IPO. In addition, Canaccord will be NauticAWT’s continuing sponsor following its listing on Catalist.

John Grønbech, founder and Chief Executive Officer of NauticAWT, said: “Since our establishment in 2011, we have built a strong track record as a provider of engineering and contracting solutions to the oil and gas industry, having successfully completed more than 1,600 projects worldwide. Given the current oil price environment and with an increasing number of mature and ageing oil and gas fields, we believe that NauticAWT’s differentiated value proposition of providing production enhancement and sustainable well plugging solutions places the Group in good stead for continued growth.”

“Our listing on the SGX-ST is timely, and will provide us the capital to improve our growing operations. More importantly, we believe that our listing in Singapore will further enhance the Group’s regional profile, giving us a better standing in the pursuit of new opportunities globally.”

The Invitation is in respect of 28 million Invitation Shares at S$0.20 each, comprising 1 million Offer Shares by way of public offer and 27 million Placement Shares by way of placement, payable in full on application.

NauticAWT said it plans to use the net proceeds raised of approximately S$2.8 million from the Investment in capital equipment to further strengthen contracting services; expansion of business scope via investments, acquisitions and joint ventures; and general and corporate working capital purposes.

Related news

List of related news articles