POSH seeks up to $334M in IPO

PACC Offshore Services Holdings (POSH) is looking to raise between $304 million and $334 million in a Singapore listing, according to a term sheet seen by Reuters.

POSH, which is part of the empire of Malaysia's richest man, Robert Kuok, operates a fleet serving offshore oilfields in Asia, Africa and Latin America.

The company is also reserving the right to issue additional shares worth up to $46 million under a greenshoe option, meaning the total amount raised could be as much as $380 million.

Bank of America Merrill Lynch, DBS Group Holdings Ltd and Oversea-Chinese Banking Corp Ltd are the joint issue managers, bookrunners and underwriters.

Hwang Investment Management Berhad and Fortress Capital Asset Management are cornerstone investors in the deal.

(Reporting by Saeed Azhar; Writing by Rachel Armstrong; Editing by Edwina Gibbs)