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 Icon Offshore Bhd, OSV provider

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TSdavinz18
post Oct 14 2013, 03:32 PM, updated 10y ago

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Icon Offshore eyes RM450m IPO

Offshore support vessel (OSV) provider Icon Offshore Bhd aims to raise about RM450mil from its initial public offering (IPO), targeted next year, to fund its fleet expansion programme for the next two years.

Chief executive officer Dr Jamal Yusof said with the proceeds from the listing, the company plans to build three to five vessels to grow its business overseas, apart from paying off its debts and for working capital needs.

"We want to build modern and higher technology vessels. We want to grow our business overseas by having a larger footprint, possibly in the Middle East and also in Southeast Asia," he told Bernama in an interview at the company's headquarters recently.
Currently, the company has 32 vessels and operates in Qatar, Vietnam, Thailand and Malaysia.

Jamal said the company also plans to increase human capital development through various in-house training modules.

"Ninety per cent of our crew are Malaysians, and we want to develop them to be better professionals for the industry. "We are very big on training and human capital development. You can build a nice asset but if it is not maintained very well, in three years it will seem very old," he said.

On the progress of the IPO, he said the company is still in the midst of assessing which potential investment bank to submit its application to, as well as conducting book building and as the joint global coordinator.

He said the selected bank will be announced by the end of this month and the company hopes to be listed on the Main Market of Bursa Malaysia by May or June next year.

Asked on the strength of Icon Offshore moving forward, he said the company offers a younger fleet with newer technology, wide geographical reach, low cost structure and good track record of health and safety.

He said the company's average fleet age is about three to four years with experienced crews inherited from the merger of Tanjung Kapal Services Sdn Bhd and Omni Petro Maritime Sdn Bhd last year to form Icon Offshore today.

On regional development, he said Icon Offshore is currently in talks with a party in Indonesia to establish a joint venture that will tender for jobs in the country, adding the negotiations are targeted to be concluded this year before the company submits its listing application to Bursa Malaysia.

Ranked among the top three OSV companies in Malaysia with annual turnover of RM270mil, Icon Offshore employs almost 1,000 staff including 800 marine crew and 145 office staff in Kuala Lumpur, Labuan and Kemaman.
TSdavinz18
post Oct 21 2013, 04:24 PM

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OSV sector to grow by 10 percent in the next three years, says Icon CEO

Malaysia's offshore support vessel (OSV) industry is expected to grow by 10 per cent in the next three years, driven by the increase in drilling activities by the oil and gas (O&G) companies.

Icon Offshore Bhd Chief Executive Officer, Dr Jamal Yusof, said the exploration and production expenditures of Petroliam Nasional Bhd (Petronas) as well as other O&G companies will help boost demand for OSVs.

He said other factors included the normal production activities, deepwater segment, enhanced oil recovery projects, which currently received a big push from Petronas, the marginal fields' production, where Petronas was expected to award 23 of them soon, and pipeline installation, maintenance and repair jobs.

"These are the key drivers that are pushing the OSV market. All these (activities) require OSVs to work," he told Bernama in an interview.

Jamal, who is also President of Malaysia OSV Owners' Association, said Malaysian companies, like other global players, faced a shortage of oil rigs due to the increase in drilling activities.

"There are not enough drilling rigs worldwide. There are market reports that 20-25 per cent of the world's jack-up rigs are going to reach 40-45 years old in the next couple of years and all these need to be replaced.
wil-i-am
post Feb 24 2014, 09:11 AM

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Ekuinas set for first IPO by mid-2014
http://www.nst.com.my/business/todayspaper...d-2014-1.491681
wil-i-am
post Mar 26 2014, 07:52 PM

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Draft Prospectus out
http://www.sc.com.my/prospectus-exposure-i...ffshore-berhad/
-oc-gassa
post Mar 26 2014, 08:06 PM

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50 sen each share?
wil-i-am
post Mar 26 2014, 08:28 PM

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QUOTE(-oc-gassa @ Mar 26 2014, 08:06 PM)
50 sen each share?
*
Its par value
wil-i-am
post Apr 7 2014, 06:09 PM

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Application open via MITI n close @ 15/4/2014
http://www.miti.gov.my/cms/content.jsp?id=...e5b200-78698ed6
hyzam1212
post Apr 9 2014, 10:53 AM

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Any indicative price?
hyzam1212
post Apr 10 2014, 08:45 AM

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http://www.thestar.com.my/Business/Busines...-IPO-valuation/
fuyoooooo
post Apr 10 2014, 10:49 AM

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indicative 2.20 to 2.30
Nidz
post Apr 10 2014, 11:33 AM

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QUOTE(fuyoooooo @ Apr 10 2014, 10:49 AM)
indicative 2.20 to 2.30
*
That's a good price to come in. Knowing that this company is backed by Ekuinas, I'd expect at least 10% return on listing day.
wil-i-am
post Apr 10 2014, 02:19 PM

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QUOTE(fuyoooooo @ Apr 10 2014, 10:49 AM)
indicative 2.20 to 2.30
*
PE 22.7x based on historical FY13 numbers which is rather high
Nidz
post Apr 10 2014, 02:54 PM

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QUOTE(wil-i-am @ Apr 10 2014, 02:19 PM)
PE 22.7x based on historical FY13 numbers which is rather high
*
when it comes to IPO in O&G industry, normally PE won't matter if you plan to dump on listing day.
i remember during Bumi Armada listing, many people complained about its PE of >30, but u saw what happened on the listing day? It went off flying. So, I have hopes that this can make profits.
TSdavinz18
post Apr 10 2014, 02:58 PM

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People go crazy when it's related to O&G sector. PE ratio, price etc. all forgotten.
TSdavinz18
post Apr 11 2014, 03:45 PM

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Juz realized that in Retail Portion (balloting) Bumiputera gets higher allocation than Non-bumi. It's 23.54mil vs 11.77mil shares rclxub.gif Normally it's 50-50 (1% each) not 2% vs 1% of the share capital cry.gif

http://www.sc.com.my/wp-content/uploads/en...con/Sec%204.pdf

This post has been edited by davinz18: Apr 11 2014, 03:47 PM
SUSSarah Jessica
post Apr 12 2014, 08:30 PM

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OMG shakehead.gif
SUSSarah Jessica
post Apr 12 2014, 08:34 PM

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Fund managers keeping an eye on Icon Offshore IPO valuation
http://www.thestar.com.my/Business/Busines...-IPO-valuation/
nasiayam
post Apr 14 2014, 03:24 PM

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Fund managers keeping an eye on Icon Offshore IPO valuation

QUOTE
Ekuiti Nasional Bhd’s (Ekuinas) Icon Offshore, which is reportedly raising some RM450mil from its IPO, is offering 510.77 million shares of 50 sen each, which represents approximately 43.39% of its enlarged issued and paid-up share capital.

This will comprise of an offer for sale of up to 289.02 million existing shares and a public issue of 221.7 million new shares.


RM 450 mil divide by 510.77 mil shares, shouldn't the indicative price be like ~RM 0.88?
Nidz
post Apr 14 2014, 04:12 PM

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QUOTE(nasiayam @ Apr 14 2014, 03:24 PM)
Fund managers keeping an eye on Icon Offshore IPO valuation
RM 450 mil divide by 510.77 mil shares, shouldn't the indicative price be like ~RM 0.88?
*
Nope. From the 510 mil shares, 289 mil are shares sold by current shareholders, only 221 mil shares are new shares. So, most of the proceeds will go to the shareholders who sell their shares in this IPO, while the company (ICON) will only get money from the issuance of new shares. you can refer to this in page 16 of their prospectus.

So, rm450 mil divide by 221 shares equals to around rm2.++
nasiayam
post Apr 14 2014, 11:38 PM

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QUOTE(Nidz @ Apr 14 2014, 04:12 PM)
Nope. From the 510 mil shares, 289 mil are shares sold by current shareholders, only 221 mil shares are new shares. So, most of the proceeds will go to the shareholders who sell their shares in this IPO, while the company (ICON) will only get money from the issuance of new shares. you can refer to this in page 16 of their prospectus.

So, rm450 mil divide by 221 shares equals to around rm2.++
*
i see, so rm450 mil will be raised from the issuance of 221 mil new shares sold to public

so the 289 mil shares will be sold by current shareholders to whom? or, they can keep it to listing where they can either sell it on market or just keep holding it?

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