POSH gets strong support in IPO

PACC Offshore Services Holdings Ltd. has received strong support in an Initial Public Offering on the Main Board of the Singapore Exchange Securities Trading Limited this year.

Related: PACC Offshore Services Holdings files for IPO of up to $311M

As at the close of the Public Offering at 12 noon on April 23, 2014, there were 8,567 valid applications for a total of 211.2 million Offering Shares. In total, application monies received pursuant to such valid applications amounted to approximately S$242.9 million. Based on the aforesaid, the Public Offering was approximately 5 times subscribed.

The International Offering has received strong institutional support with all 186,820,000 Offering Shares (excluding the 25,200,000 Reserved Shares) fully taken up. The 25,200,000 Reserved Shares were also fully subscribed for and/or purchased by directors, management and employees of the Company and its subsidiaries and joint ventures, as well as Kuok (Singapore) Limited (“KSL”) and its subsidiaries (including Pacific Carriers Limited (“PCL”) and its subsidiaries) who have contributed to the success of the Group.

In total, POSH’s Offering of 252,020,000 Offering Shares was approximately 3 times subscribed.

Commencement of trading in the Offering Shares on a “ready” basis on the SGX-ST is expected to be at 9.00 am on Friday, April 25, 2014.

The IPO raised gross proceeds of approximately S$388.3 million for POSH. If the Over-allotment Option of 46,125,000 Shares granted by PCL is exercised in full, the total gross proceeds raised will be approximately S$441.3 million. The Company will not receive any of the net proceeds from the exercise of the Over-allotment Option. Upon listing on the Main Board of the SGX-ST on April 25, 2014, POSH is expected to have a market capitalisation of approximately S$2.1 billion.

BofA Merrill Lynch, DBS Bank and OCBC Bank are the Joint Issue Managers, Bookrunners and Underwriters.