ICON Offshore prices at top end of range

Malaysia’s largest pure-play offshore supply vessel operator’s institutional book was 15 times oversubscribed, with investors keen on the sector.

ICON Offshore Berhad has raised M$944.9 million $295 million after pricing its initial public offering at the top end of its M$1.80 to M$1.85 per share range, making it the largest Malaysian IPO this year.

Some 510.8 million shares were priced at M$1.85 per unit on Wednesday afternoon under joint leads Maybank, Credit Suisse and BNP Paribas. The shares represent 43.4% of the company’s enlarged share capital, with 43% primary and 57% secondary.

This final price values ICON Offshore’s market cap at M$2.2 billion, with a pe ratio of 17.6 times estimated 2014 earnings and 13.1 times 2015 earnings.

Demand for Malaysia’s largest...

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