The forthcoming Thailand Future Fund (TFF) is expected to launch an initial public offering early next year, says the State Enterprise Policy Office (Sepo).
The planned fund-raising process is aligned with the time frame for when some big-ticket infrastructure projects will need funding, said director-general Ekniti Nitithanprapas.
The Rama III-Dao Khanong expressway project worth 20 billion baht will be the first asset financed by the TFF, he said.
As the expressway is a greenfield project and has not generated any income yet, Sepo and the Expressway Authority of Thailand have agreed to add the first stage of the Chalong Rat expressway as another underlying asset of the TFF because the latter project already has an income stream.
The second stage of the Chalong Rat expressway and other routes now charging tolls are likely to be added to the underlying assets of the 100-billion-baht fund, Mr Ekniti said.
The cabinet in December approved the launch of an infrastructure fund, dubbed the TFF, to raise liquidity from the public for construction of state projects and to lower the fiscal burden incurred by the government's massive infrastructure plan.
According to the Finance Ministry, the fund will mobilise up to 100 billion baht to be invested in greenfield and brownfield infrastructure projects and will list on the Stock Exchange of Thailand. Some greenfield projects will offer a guaranteed minimum return.
The ministry will put up 10 billion baht as seed money for the fund after already seeking cabinet approval for the first 1 billion.
The TFF will be established in the fourth quarter of this year before going public, Mr Ekniti said.
A steering committee for economic stimulus measures and investment chaired by Finance Minister Apisak Tantivorawong recently said that 18 or 19 infrastructure megaprojects worth a combined 1.4 trillion baht would be signed off on and 60 billion baht taken out of the investment budget this year.