Icon lowers its sights

Malaysia's Icon Offshore is expecting to raise $22m less from its IPO than originally planned.

The company's prospectus revealed it could bank about MYR 410m ($127.6m) from a public sale of shares in Kuala Lumpur.

A draft prospectus in March outlined a plan to raise $150m.

Icon will offer up to 510.8m shares, with the IPO being split between 289m of existing shares and a public issue of 221.7m new shares.

The price has been set at MYR 1.85 per share.

Plans for an IPO first emerged in 2012 and last year the company confirmed it aimed to go public sometime in 2014.

Icon aims to become a top regional power in the OSV market and the funds will give it the ammunition to expand its fleet.

The company was said to be closing in on orders for five newbuildings late last year.

Icon currently owns a fleet of 34 offshore support vessels operating mainly in Malaysia though it also has footholds in Thailand, Vietnam and Qatar.

The company was formed in 2012 through the union of Tanjung Kapal Services, the OSV arm of Kuala Lumpur-listed company Tanjung Offshore and Omni Petromaritime.

Ekuiti Nasional (Ekuinas), a government-linked private equity fund manager, currently controls 88% of the shares.