BANGKOK, March 17 TPI Polene Power Pcl,
Thailand's largest producer of waste-derived power, plans to
raise up to 17.5 billion baht ($500.4 million) in an initial
public offering, in what could be the country's largest IPO in
more than a decade.
The company plans to sell up to 2.5 billion shares, or a 30
percent stake, at a rate of 6 baht-7 baht ($0.17-$0.20) per
share, parent firm TPI Polene Pcl said in a statement
to the stock exchange on Friday.
Of the total, up to 125 million shares will be offered to
TPI Polene's existing shareholders on March 22-March 24, and the
rest will be sold to the public on March 24-March 29, it said.
The power firm has said the sale proceeds will be used
mainly to finance capacity expansion.
TPI Polene Power runs four plants with a total installed
capacity of 150 MW. Two of the plants, with a combined capacity
of 80 MW, use fuel derived from refuse, while the other two
generate power from waste heat.
Maybank Kim Eng Securities Pcl, Tisco Bank
and CIMB Thai Bank are financial advisers
on the IPO.
($1 = 34.97 baht)
(Reporting by Wirat Buranakanokthanasan and Satawasin
Staporncharnchai; Writing by Orathai Sriring; Editing by Sherry