29 May 2014: Icon IPO from RM1.80 per share

KUALA LUMPUR, May 29: Icon Offshore Bhd, whose ships offer support services to oil platforms, will raise RM919-945 million from its listing after setting the price range at RM1.80-1.85 per share, IFR reported today.

Icon IPO from RM1.80 per share

KUALA LUMPUR, May 29:

Icon Offshore Bhd, whose ships offer support services to oil platforms, will raise RM919-945 million from its listing after setting the price range at RM1.80-1.85 per share, IFR reported today.

Bookbuilding will start tomorrow and continue for a week, according to IFR, a Thomson Reuters publication. The price range implies a 2015 price-to-earnings ratio of 13-15 times, IFR added.

Icon, part of Malaysian government-linked private-equity fund Ekuiti Nasional Bhd (Ekuinas), plans to add to its fleet of 32 ships and repay debt using funds raised through the initial public offering (IPO).

The offshore support vessel company plans to sell up to 510.6 million shares – 324.7 million to domestic and foreign institutional investors, 135.3 million to bumiputera institutional investors, and 50.6 million to individual investors, according to a draft prospectus filed on March 26.

Around nine cornerstone investors are expected to take up most of the institutional offer, on which there is a six-month lock-up period, IFR reported.

BNP Paribas, Credit Suisse and Maybank Investment Bank are joint global co-ordinators for Icon’s IPO.

From the source The Rakyat Post

Posted on : 29 May 2014