EMAS, which becomes the first company to raise capital in both Singapore and Oslo, picked up Ezra’s fleet in a $520m stock transaction tied to the dual listing.

The Lion City IPO hit its target of SGD 58.79m ($36.51m) when the book closed today.

Lionel Lee-led Ezra, which has been traded on the SGX since 2003, will have a 75.25%