Kruez Hldgs

Kruez Hldgs: to debut on SGX this morning. IPO priced at $0.27/sh, translates to 6.9x FY09 PE. Comprises 80m new shares, of which retail/insti split is 6 / 94. Was oversubscribed by 5.7x. Two-thirds of $19m proceeds to be used for acquisitions of remotely operated vehicles (ROV) and diving systems, remaining one-third to be used for working cap. Kruez, a spin-off from Swiber, is a subsea solutions provider that carries out inspection, repair, maintenance work for offshore oil & gas production and pipeline facilities. It counts Swiber and Allseas Marine Contractors as it main customers. Current orderbook valued at US$133m, to stretch over the next 5 yrs.