BCPG Plc, the solar power unit of Bangchak Petroleum Plc, could raise up to 5.9 billion baht from an initial public offering this month, the company said on Tuesday.
BCPG is planning to sell 590 million shares, or a 29.6% stake, in the offering. The stock is expected to be priced within a range of 9.8 to 10 baht per share, the company said in a statement.
The final price is expected to be fixed early next week, said Manpong Senanarong, managing director of Kasikorn Securities, a lead underwriter of the IPO.
The offer will be open for subscription between Sept Sept 14-16 and Sept 19-20, and the stock is expected to list on the Thai bourse this month, he said.
The company planning to use the IPO proceeds to fund an expansion, he added.
BCPG operates solar power plants with total capacity of 130 megawatts in Thailand and 194 MW in Japan, and aims to boost the capacity to 1,000 MW by 2020, president Bundit Sapaianchai said.
The company is also looking to join with partners at home and abroad to invest in other renewable power businesses, he said.
Besides Kasikorn Securities, Tisco Securities and Finansa Securities are also serving as lead underwriters.
KGI Securities Plc, KT ZMICO Securities, Maybank Kim Eng Securities (Thailand) Pcl and Finansia Syrus Securities are co-underwriters.