KUALA LUMPUR: Icon Offshore Bhd opened strongly in its debut on Bursa Malaysia's Main Market yesterday at RM2.10 over its RM1.85 retail price.

However, Icon - the country's largest listing so far this year - faded to close at RM1.91, although it was the most-active stock and hit a high of RM2.19. A total of 134.34 million shares were traded.

Icon chief executive officer Dr Jamal Yusof expects the company to maintain its compound annual growth rate (CAGR).

"We expect to maintain our CAGR of 20 per cent for the short to medium term even with the addition of new vessels to our fleet," he said after the listing ceremony.

Jamal confirmed that Icon is building seven new vessels between now and 2016, namely two platform supply vessels (PSV), two anchor-handling supply vessels, two workboats and one fast crewboat.

"Out of the seven, the next vessels to be delivered will be the PSV while the fast crewboat in the fourth quarter of the year," he said.

Jamal is also upbeat on the local oil and gas (O&G) industry.

"There is still growth potential in the O&G industry as it remains a key focus area in the government's Economic Transformation Programme," he said.

Icon's initial public offering raised RM1.09 billion through public issue and offer for sale of 587 million shares of 50 sen each.

From the proceeds, RM410.2 million from the public issue will be for fleet expansion and bank repayments.

Icon is the first listing by government-owned private equity
fund Ekuiti Nasional Bhd from its portfolio of companies. By Lidiana Rosli