×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

India’s Aban unit plans $400 mn S’pore IPO: sources

India’s Aban unit plans $400 mn S’pore IPO: sources
Comment E-mail Print Share
First Published: Tue, Sep 11 2007. 10 19 AM IST
Updated: Tue, Sep 11 2007. 10 19 AM IST
Reuters
Singapore: The Singapore unit of India’s oil services firm Aban Offshore plans to list in Singapore and may raise around $400 million (Rs1,622 crore) in its initial public offering next year, two sources said on Tuesday, 11 September.
“It will be between $350-$400 million and on the SGX,” a source close to the deal told Reuters.
A second source said the IPO will likely be launched in the first half of next year and could raise as much as $500 million.
Banking sources said Merrill Lynch and UBS have been mandated as lead managers.
Aban Singapore Pte Ltd, the unit of the Indian firm, had earlier this year sold $150 million of convertible bonds to four investors in a private placement.
The bonds, which are due to mature in 2014, were sold to finance the purchase of shares in Norwegian offshore oil services firm Sinvest ASA, bankers told Reuters in February.
Sinvest delisted from the Oslo exchange on 29 March.
Merrill Lynch was also the lead manager for the bond deal.
Aban Singapore and Sinvest both have offshore drilling rigs under construction at yards owned by Singapore’s Keppel Corp and SembCorp Marine, the world’s two largest rig builders.
Comment E-mail Print Share
First Published: Tue, Sep 11 2007. 10 19 AM IST
More Topics: IPO | Aban | Singapore | subsidiary | Merrill Lynch |