STX Europe says the initial public offering of shares in STX OSV Holdings was 4.2 times subscribed. Trading of the shares of STX OSV on the Mainboard of the Singapore Exchange will start tomorrow at 9:00 am.

The offering of 325,646,000 shares consist of the offering of 180 million new shares by STX OSV and the offering of 145,646,000 existing shares in STX OSV by STX Europe Holding AS, a wholly-owned subsidiary of STX Europe AS.

The total number of shares in the capital of STX OSV after the offering is 1.18 billion and based on the offering price was 79 cents per share, STX OSV will have a market capitalisation of $932.2 million.

The offering will generate net proceeds to STX Europe Holding AS of $109.6 million, assuming the over-allotment option is not exercised. STX Europe AS will use the proceeds to repay NOK 440 million ($96 million) of debt and for general corporate purposes.