Singapore: Kim Heng Offshore & Marine Holdings has become the first offshore or marine entity to list in Singapore in 2014, its offering 5.8 times oversubscribed. Trading begins today of the 174m shares priced at S$0.25 each.
Thomas Tan, executive chairman and ceo of Kim Heng, said, “It is heartening to learn that the investment community strongly believes in us.”
The company plans to use the net proceeds of approximately S$36.4m from the issuance of the new shares for developing its yard facilities and fleet as well as diversifying more into the offshore sector.
During the first hour of trading the shares hit a high of 32 cents, and have settled around the 30 cent mark, up 20%. [21/01/14]