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Swissco responsed +3c, 20% stake in Swiber.
Subscribe...??? tink tink small kopi $$$ can come one for this ipo.
Founded in 1996 by Raymond Goh, who was previously Indonesian representative for Jaya Holdings, Swiber earned US$18.4m in revenues in FY05, compared with US$9.6m in FY04 and US$15.47m in FY03. For those years, it had net profits of US$6.18m, US$2.48m and US$0.88m.
Swiber Holdings Ltd, a service provider to the offshore oil and gas industry, said it has launched its initial public offering here of 94m new shares at $0.355 per share.
The IPO, which represents about 25.5%, of the firm's enlarged share capital, comprises a retail tranche of 2m shares and a placement tranche of 92m shares.
Swissco International has a 20% stake in the integrated offshore engineering, procurement, construction, installation, and commission contractor, which also supplies marine support vessels as a complementary business.
Swiber said the net proceeds from the IPO, estimated at 30.97m, will be used to help finance the acquisition and/or construction of vessels, the conversion of a launch barge into a pipelay barge, and for working capital.
The IPO is being handled by underwriter Westcomb Securities, closes on Nov 6, with trading expected to commence on Nov 8.
Swiber said the IPO is priced at a PER of 9.5x based on its eps of $0.037 seen in its financial results last year, where its net profit grew by 149% to US$6.18m from US$2.48m in 2004.
In the first quarter of this year, its net profit rose to US$1.79m from US$0.78m a year earlier.