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Pacific Radiance debuts on SGX 9% up from initial offer price

Elena Torrijos
People pass stock index tickers at the Singapore Exchange (SGX) premises October 17, 2013. REUTERS/Edgar Su

Offshore services company Pacific Radiance debuted on the Singapore Exchange's mainboard on Wednesday and started trading at S$0.98, nearly 9 per cent higher than its initial offer price.

The owner and operator of a fleet of offshore vessels in Asia, South America and Australia, the company had an offer price of S$0.90 and market capitalisation above S$650 million, according to a report by SGX My Gateway.

The company said its IPO raised net proceeds of S$150.6 million, most of which will be used to expand the company's fleet.

Pacific Radiance is involved in the operating of offshore vessels to support offshore oil and gas industry as well as the provision of subsea services to the offshore oil and gas industry.

In addition, it has other supporting business activities such as the design, supply and maintenance of equipment for offshore vessels and the provision of logistics solutions for project cargo, according to SGX's report.