S'pore-based OMS Energy raises $43m from Nasdaq IPO

Singapore-based OMS Energy Technologies has raised US$33.3 million (S$43.2 million) from its initial public offering (IPO) on New York's Nasdaq exchange.

- Angela Tan

OMS, which makes surface wellhead systems and pipes used in oil exploration and production, listed 3.7 million shares at US$9 each on May 13 in the IPO. The shares were trading at around US$7.74 on May 15.

The US$9 price valued the company at US$348 million.

The eventual offer size and price were pared from the original intent to list 5.6 million shares at between US$8 and US$10.

The company intends to use the IPO proceeds for research and development, marketing and sales, compliance and governance and working capital.

OMS indirectly owns interest in subsidiaries in Singapore, Malaysia, Brunei, Saudi Arabia, Thailand and Indonesia.