True Infrastructure Fund Said to Raise $1.8 Billion in Thai IPOJoyce Koh and Fox Hu
True Telecommunications Growth Infrastructure Fund, backed by billionaire Dhanin Chearavanont’s True Corp. Pcl, raised $1.8 billion in Thailand’s second-biggest initial public offering this year, said two people with knowledge of the matter.
The fund sold 5.76 billion units at 10 baht (31 cents) apiece to investors and True Corp., the people said, asking not to be identified as the details aren’t public. It overcame political turbulence that’s driven the Thai benchmark stock index 2.9 percent lower this quarter.
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.
True Corp. Chief Financial Officer Noppadol Dej-Udom couldn’t be reached at his office. Reuters reported on the IPO yesterday, citing people it didn’t identify.
Companies that went public in Thailand this year have fallen an average 5.8 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 9 percent since it started trading Dec. 18.