Kreuz Holdings attracts S$104.5 mln in offer shares on IPO

The subsea solutions provider for the oil and gas industry garnered strong interest from institutional investors and high net worth individuals.

Kreuz Holdings Limited announced on Wednesday that its initial public offering (IPO) has been fully taken up, according to a Kreuz Holdings report.

The company’s IPO of 80,000,000 new shares comprises 4,500,000 offer shares at S$0.27 each by way of public offer; and 75,500,000 placement shares at S$0.27 each by way of placement.

At the close of the application list at 12.00 noon on 27 July 27, 4,039 valid applications were received for the 4,500,000 Offer Shares made available to the public for subscription at S$0.27 each.

In total, applicants applied for an aggregate of 386,915,000 Offer Shares, with application monies received amounting to approximately S$104.5 million. The 75,500,000 Placement Shares garnered strong interest from institutional investors as well as high net worth individuals.

Mr Kurush Contractor, Executive Director and CEO of Kreuz Holdings, said, “We are encouraged by the enthusiastic response to our IPO from the investing community. This is a testament of the confidence these investors have in the investment merits of our Group.”

“Our successful IPO is a major milestone in our corporate history. Our listed status will further enhance our corporate profile and reputation in the industry. This marks the beginning of a new phase for Kreuz Holdings. We plan to expand our range of services through the acquisition of new operating assets. We will intensify our marketing and bidding efforts, increasing our penetration in our existing markets as well as explore opportunities in new markets,” said Mr Contractor.

Kreuz Holdings intends to use the net proceeds for the acquisition of new assets and for general working capital purposes.

DBS Bank is the Sponsor, Underwriter and Placement Agent for Kreuz Holdings’ IPO.

According to the announcement, as of 16 June 2010, the Group’s order book of approximately US$133.2 million comprises secured contracts which are to be completed over the next 5 to 60 months, barring unforeseen circumstances.

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