Bumi Armada is seeking to raise around $907 million through a Hong Kong initial public offering (IPO), The Wall Street Journal reports. The oil and gas service provider is selling nearly 878.5 million shares to institutional investors. The IPO’s cornerstone investors, include Singapore’s Hong Leong Group.

The company intends to use the proceeds from the offering to repay bank borrowings for capital expenditures and for working capital requirements. The joint global coordinators for the IPO are CIMB, Maybank, Credit Suisse, RHB, CLSA and UBS.

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