Thai telco True Corp has extended the time period investors have to buy shares in the initial public offering of the True Telecommunications Growth Infrastructure Fund (TrueGIF) to 19 December.
In a statement the group’s CFO Noppadol Dej-Udom said the…
Thai telco True Corp has extended the time period investors have to buy shares in the initial public offering of the True Telecommunications Growth Infrastructure Fund (TrueGIF) to 19 December.
In a statement the group’s CFO Noppadol Dej-Udom said the subscription period clashed with a number of public holidays and had been affected by the heated political situation in the country.
Therefore the closure date has been pushed back to give investors more time to buy into the fund. Dej-Udom said that in spite of the delays he was positive about the outcome of the IPO.
“From the road shows where the company held discussions with both institutional investors and other investors in general, domestically and internationally, the company has gained confidence that the establishment of TrueGIF will achieve the expected goal even amid political turmoil,” the CFO said.
The spin-off – which could net True around US$1.5bn – comprises assets such as towers and its core fibre optic grid. True will then lease back the assets.
True is said to be selling 4.76 billion shares at Bt10 (US$0.31) a piece to generate a total of Bt47.6bn (US$1.48bn), according to one report.
True is looking to retain an 18% stake in the fund, meaning the new unit could have a market capitalisation of US$1.8bn.
Siam Commercial Bank is True’s financial adviser on the flotation. The bank is also reported to be the joint global coordinator for the IPO alongside Credit Suisse, while BofA Merrill Lynchand UBS are joint bookrunners, with Standard Chartered lead manager.
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