25/03/2010 - 09:15

Miclyn closes IPO, valued at $516m

25/03/2010 - 09:15

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Shares in listing hopeful Miclyn Express Offshore, which is eyeing WA's booming oil and gas sector, have been set at the lower end of its initial public offer price range, valuing the company at $516 million.

Miclyn closes IPO, valued at $516m

Shares in listing hopeful Miclyn Express Offshore, which is eyeing WA's booming oil and gas sector, have been set at the lower end of its initial public offer price range, valuing the company at $516 million.

The Neil Hamilton-chaired company wrapped up its IPO, saying it received strong demand from both retail and institutional investors.

The share price was set through an institutional bookbuild process at $1.90.

Earlier this month, Miclyn opened its IPO, aiming to raise between $297.6 million and $365 million with shares priced between $1.85 and $2.30 each.

Existing shareholders, Macquarie Group and Ray Rider, will hold 34 per cent and 10 per cent of shares respectively.

The company is set to buy a 50 per cent interest in privately owned, Fremantle-based Samson Maritime for $23 million, $7.5 million of which will be used to retire Samson's existing debt facilities.

Samson mainly services the dredging and marine civil engineering operations of large oil and gas customers on the North West Shelf of Western Australia.

Miclyn expects to start trading on the Australian Securities Exchange tomorrow.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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