Thailand's Mermaid Maritime rises sharply on Singapore debut |
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Tue, 16 Oct 2007 02:33
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SINGAPORE (Thomson Financial) - Shares of Mermaid Maritime, a Thai provider of subsea drilling and engineering services for the oil and gas exploration industry, were sharply above their initial public offering price on their trading debut in Singapore Tuesday.At 9.20 am (0120 GMT), Mermaid Maritime was at 2.04 Singapore dollars, above its IPO price of 1.56 dollars and off a high of 2.12 dollars, with 15.02 million shares traded.Mermaid Maritime sold 158 million shares, more than the 140 million shares it originally planned to sell, as it had to issue additional shares to cover oversubscription. It sold 151 million shares to institutional investors and 7 million to retail investors.It will use the gross proceeds of about 246.5 million dollars to buy new rigs and other vessels for its drilling and subsea engineering services operations and for working capital.Mermaid Maritime, which counts Chevron, PTT Exploration and Production, Shell, Exxon Mobil and Petronas among its customers, said its net profit rose to 387.10 million baht in the year to September 2006 from 68.70 million baht the year before.For the six months to March 2007, the company posted net profit of 339 million baht.(1 US dollar = 1.46 Singapore dollars; 31.24 baht)TFN.Singapore@thomson.comjb/jm/msCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Thailand's Mermaid Maritime fixes Singapore IPO price at 1.56 sgd/share 