BANGKOK, Sept 6 BCPG Pcl, the solar power unit
of Thai oil refiner Bangchak Petroleum Pcl, could raise
up to 5.9 billion baht ($170 million) from an initial public
offering this month, the company said on Tuesday.
BCPG is planning to sell 590 million shares, or a 29.6
percent stake, in the offering. The stock is expected to be
priced within a range of 9.8 to 10.0 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. 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
Besides Kasikorn Securities, Tisco Securities and Finansa
Securities are also serving as lead underwriters.
KGI Securities Pcl, KT ZMICO Securities, Maybank
Kim Eng Securities (Thailand) Pcl and Finansia Syrus
Securities are co-underwriters.
($1 = 34.7800 baht)
(Reporting by Manunphattr Dhanananphorn; Writing by Khettiya
Jittapong; Editing by Amrutha Gayathri)