STX Group’s European subsidiary, STX Europe Holding, is planning to raise about KRW700bn ($633m) through an initial public offering on the Singapore Exchange.

The South Korea-based shipping firm will issue 180,000,000 shares while STX Europe will, through its wholly-owned subsidiary STX Europe Holding, sell and make an offer of 145,646,000 existing shares in STX OSV.

The listing comes two years after the company took over Norway’s Aker Yards for KRW1,400bn($1.2bn).

STX’s offshore and specialised vessels division has received orders of $2.2bn so far this year.

The company is expected to use the money raised from the IPO for debt repayment and other operational purposes.