Icon Offshore Aims To Raise RM1 Bln From IPO

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KUALA LUMPUR, May 30 – Offshore support vessel (OSV) provider, Icon Offshore Bhd, enroute to a listing on the Main market of Bursa Malaysia on June 25, aims to raise about RM1 billion through its initial public offering (IPO). Icon Offshore, the largest pure-play OSV provider in Malaysia and one of the largest in Southeast Asia in terms of number of vessels, launched its prospectus Today. Chairman Tan Sri Arshad Tun Uda said RM410.23 million out of the proceeds would be used for fleet expansion and for repayment of bank borrowings.

The company has announced an indicative retail price of RM1.85 per share. Icon Offshore IPO involves the sale of up to 510.767 million ordinary shares of RM0.50 each, comprising an offer for sale of up to 289.022 million existing shares and a public issue of 221.745 million new shares. Arshad said the robust Malaysian and Southeast Asian oil and gas industry outlook underpinned the strong demand for OSVs moving forward, providing a strong outlook for growth in the industry.

“Through the capital raised from the listing, combined with the strengths of our experienced management team and employees, we believe Icon is well positioned to achieve sustainable growth while creating long-term value for our stakeholders,” he said in a statement here Friday. The IPO has also attracted and secured leading cornerstone investors including AIA Bhd, Hwang Investment Management Bhd, Asset Management Ltd, Lembaga Tabung Haji, Maybank Asset Management Sdn Bhd, Nomura Asset Management Sdn Bhd, Permodalan Nasional Bhd, Tan Sri Chua Ma Yu and Asset Management (M) Bhd. The cornerstone investors will hold 53.8 per cent of the total offering and will be subject to a lock-up period of six months from the date of IPO.

Maybank Investment Bank Bhd, BNP Paribas Malaysia Bhd and Credit Suisse Singapore Ltd are involved in the IPO exercise. “We believe that Icon offers a unique and compelling investment opportunity for Malaysian and global investors alike. “Icon has proven operating and financial track record of delivering not only profitability but strong growth,” Arshad added. Currently, the company has 32 vessels and operates in Qatar, Vietnam, Thailand and Malaysia.