Kuala Lumpur: Malaysia's Icon Offshore had a solid debut on the Kuala Lumpur stock exchange with its share price rising as high as 12% on day one, before settling over 3% higher than the issue price.
Icon, 88 percent held by Ekuiti Nasional (Ekuinas), a government-owned private equity fund, is the country's largest pure-play offshore service vessel provider, with 32 ships. Icon plans to use the $295 million raised in its IPO to expand its number of ships to 39 and to repay debt.
Icon announced on Monday a six-fold jump in first-quarter net profit to RM19.5m from the same period a year ago due to a lower tax rate and a 23% climb in revenue. [26/06/14]