KUALA LUMPUR: Icon Offshore Bhd, which is seeking a listing on the Main Market of Bursa Malaysia Securities, plans to raise RM944.91mil from initial public offer (IPO) of 510.76 million shares.
According to its prospectus, shares of the offshore service vessels (OSV) would be offered at an indicative retail offer price of RM1.85 a share.
The IPO of 510.76 million shares comprise of 289.02 million existing shares and 221.74 million new shares. Upon listing on June 25, its enlarged paid-up share capital would be 1.177 billion shares of 50 sen each.
The IPO attracted and secured leading cornerstone investors including tycoon Tan Sri Chua Ma Yu,
AIA Bhd., Hwang Investment Management Bhd, JF Asset Management Ltd, Lembaga Tabung Haji, Maybank Asset Management Sdn. Bhd., Nomura Asset Management Sdn. Bhd., Permodalan Nasional Bhd, , and UOB Asset Management (Malaysia) Bhd.
"The cornerstone investors will hold 53.8% of the total offering, and will be subject to a lock-up period of six months from the date of IPO," it said.
Speaking at the release of the prospectus, Icon chairman Tan Sri Arshad Raja Tun Uda said the company offered a unique and compelling investment opportunity for Malaysian and global investors.
"Icon has a proven operating and financial track record of delivering not only profitability but strong growth. With a diverse young and modern fleet, our vessels are efficient and versatile, providing us with the ability to offer high quality service to our clients comprising major national and global oil companies throughout the offshore oil and gas value chain," he said.
He said while the IPO was expected to raise RM944.90mil, most of the RM410.23mil from the issue shares would be used to expand its fleet and repay bank borrowings.
Maybank Investment Bank Bhd is acting as the company's principal adviser, joint global coordinator, joint bookrunner, managing underwriter and joint underwriter for the IPO.
BNP Paribas Malaysia Bhd and Credit Suisse (Singapore) Ltd will be the joint global coordinators and joint bookrunners.
The co-lead managers, Hong Leong Investment Bank Bhd and RHB Investment Bank Bhd along with Affin Investment Bank Bhd, CIMB Investment Bank Bhd, Hong Leong Investment Bank Bhd, Kenanga Investment Bank Bhd and RHB Investment Bank Bhd will join the consortium as joint underwriters.
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