Miclyn keeps private equity IPOs afloat with $261m deal
Miclyn Express Offshore, a Singaporean oil services company controlled by Macquarie Group, priced its initial public offering just above the bottom of its target range on Wednesday, raising A$285m ($261m) in Australia’s biggest IPO of the year.
Miclyn is to sell 149.8m shares at A$1.90 a share, towards the bottom of its A$1.85-A$2.30 target range. Macquarie, JPMorgan and Morgan Stanley are joint lead managers with Macquarie sole global coordinator.
The deal values Miclyn at around 8.5 times earnings for calendar 2010, based on numbers in
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