Bangkok Airways sets IPO price at B25

Bangkok Airways sets IPO price at B25

Bangkok Airways has set the price of its initial public offering (IPO) shares at 25 baht each.

Bangkok Airways uses ATR-72 turboprop for its Bangkok-Nay Pyi Taw services. (Bangkok Airways photo)

The price is at the middle of the suggested range of 23-27 baht following a book-building process with institutional investors, the company said in a statement on Monday.

At the price, the IPO of 520 million ordinary shares has raised 13 billion baht, the largest listing on the Stock Exchange of Thailand in 2014 to date.

The retail subscription, which was open from October 14-17, received strong interest from investors. The shares were oversubscribed by more than 1.5 times.

"The success of the IPO shows that both international and Thai investors are confident of the company's growth potential within the integrated aviation business, said president Puttipong Prasarttong-Osoth.

The IPO proceeds will be used to increase Bangkok Airways' fleet size, replace existing aircraft and purchase spare parts and other equipment, the statement said.

They will also be used to build a hangar at Suvarnabhumi airport and improve Samui airport, as well as for working capital.

The shares will begin trade on the Stock Exchange of Thailand on Nov 3 under the ticker symbol "BA".

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