POSH may raise $311 Mln in Singapore IPO
PACC Offshore Services Holdings (POSH) could raise at least S$388.27 million ($311 million) after pricing its initial public offering near the bottom of the pricing range indicated earlier, two sources with knowledge of the matter said.
Underwriters have recommended POSH to price the deal at S$1.15 a share against an indicative price range of S$1.13 to S$1.24 a share, the sources said. The company is selling 337.625 million shares excluding the greenshoe option.
The final price needs to be approved by the company or the company's board, the sources added.
The sources declined to be named, while the company was not immediately available for a comment.
Bank of America Merrill Lynch, DBS Bank and Oversea-Chinese Banking Corp Ltd are the joint issue managers, bookrunners and underwriters.
(Reporting by Elzio Baretto in HONG KONG and S. Anuradha of IFR in SINGAPORE; additional reporting by Rujun Shen; Editing by Michael Perry)
($1 = 1.2503Singapore Dollars)