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Icon Offshore IPO oversubscribed by over 16 times

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Icon Offshore IPO oversubscribed by over 16 times Empty Icon Offshore IPO oversubscribed by over 16 times

Post by Cals Wed 11 Jun 2014, 01:58

Icon Offshore IPO oversubscribed by over 16 times
Business & Markets 2014
Written by Bernama   
Tuesday, 10 June 2014 20:54

KUALA LUMPUR (June 10): Icon Offshore Bhd's initial public offering (IPO) to Malaysian public of 35.316 million shares, has been oversubscribed by over 16 times.

In a statement today, Malaysia Issuing House Sdn Bhd (MIH) said that based on RM1.85 per share, the IPO was the largest in Malaysia thus far this year, with RM944.9 million offering attracting substantial interests from international and Malaysian investors alike.

Icon Chief Executive Officer, Dr Jamal Yusof, said the offshore support vessel provider was overwhelmed by the response that it had received.

"Both the management team and our substantial shareholders have worked extremely hard towards the listing of Icon and (are) pleased that this is rewarded with the strong support from investors that we are witnessing. 

"The investment community has seen the potential in the company and this is reflected by their investments in us. We, on our part, will continue to grow our business and to deliver sustainable value to our investors," he said. 

Jamal said that the IPO was also anchored by nine cornerstone investors who had agreed to purchase an aggregate of 275 million shares, representing 23.36 per cent of the enlarged issued and paid-up share capital of the company.
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