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True Infrastructure Fund Raises $1.8 Billion From Thailand IPO

True Telecommunications Growth Infrastructure Fund, backed by billionaire Dhanin Chearavanont’s True Corp. Pcl, raised 58.1 billion baht ($1.8 billion) in Thailand’s second-biggest initial public offering.

The fund drew orders from foreign and domestic institutional investors as well as individual investors despite the political turbulence in the country, it said in an e-mailed statement. It will start trading on the Dec. 27, according to the statement.

Thai Prime Minister Yingluck Shinawatra dissolved parliament on Dec. 9 and called for elections after weeks of street demonstrations in Bangkok to push for her ouster. Foreigners have sold a net $6.1 billion of Thai stocks this year, on course for the biggest annual outflow since Bloomberg began collecting the data in 1999.

Companies that went public in Thailand this year have fallen an average 6.9 percent when adjusted for market value, data compiled by Bloomberg show. CP Tower Growth Leasehold Property Fund, which owns offices and shopping centers in the Thai capital, has slumped 7.4 percent since its Dec. 16 debut after raising 9.8 billion baht.

TICON Industrial Growth Leasehold Property Fund, which raised 5.6 billion baht, has fallen 8.5 percent since it started trading Dec. 18.

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