Pacific Radiance Said to Start $100 Million Singapore IPOJoyce Koh
Pacific Radiance Ltd., an owner and operator of offshore vessels, started an initial public offering in Singapore that may raise more than $100 million, said two people with knowledge of the matter.
The Singapore-based company began evaluating investor interest in the share sale last week, the people said, asking not to be identified as the process is private. The company plans to start trading next month, they said.
Pacific Radiance owns and operates 120 vessels that service oil and gas drilling and production units at sea, and has offices in Brazil, Mozambique and Indonesia, according to its website. Chairman Pang Yoke Min is the founder and former group managing director of Singapore-listed Jaya Holdings Ltd.
Officials at Pacific Radiance didn’t return a phone call or an e-mail seeking comment.
United Overseas Bank Ltd., DBS Group Holdings Ltd. and Oversea-Chinese Banking Corp. are helping to manage the offer, the people said.