Aban Singapore IPO to be largest by any Indian Subsidary company abroad

Aban Singapore, a wholly-owned subsidiary of Aban Offshore India Limited, is all set to enter the Singapore stock exchange, which will be the largest IPO by an subsidary of Indian company abroad.

Aban has appointed UBS and Merrill Lynch as lead managers for this IPO and they are currently undertaking a valuation exercise of the company.

Aban offshore has initially tried to raise PE for the Singapore subsidiary but later decided to go for the IPO. Aban Singapore and its wholly-owned subsidiary Aban International Norway owns 100% of Sinvest.

Sources said the company delayed the IPO for a while, to fix all rigs under new contracts with fresh rates, in order “to get better valuations”.