Marine firm Kim Heng raising $36.4m via IPO

SINGAPORE-BASED Kim Heng Offshore & Marine Holdings, which has a track record of more than 40 years, has launched its initial public offering to raise net proceeds of $36.4 million to help fund its expansion plans.

The Catalist IPO is $43.5 million in size, with 174 million shares - 160 million new units and 14 million vendor units - on offer at 25 cents apiece, valuing the group at $177.5 million post-valuation.

The invitation shares consist of three million units under the public-offer tranche and 171 million units for placement.