Singapore-based PACC Offshore Services Holdings (POSH) has started pre-IPO talks with investors.
According to sources, POSH will list on the Singapore Stock Exchange, hoping to raise $400 million.
The company is part of Robert Kuok’s business empire.
POSH primarily operates offshore supply vessels and provides offhshore accommodations. It also provides emergency response support.
Kuok is currently Malaysia’s richest person, with an estimated net worth of $12.5 billion.
“The investor education for PACC Offshore Services has started,” said one source.
Pre-marketing is expected to last a couple of weeks, with the company yet to announce a formal launch date.
POSH is hoping to double the size of its current fleet of 50 within the next three years.