Thai ISP Jasmine International is reportedly looking to pre-market the IPO of its infrastructure fund early next month.
The spinoff of the Jasmine Broadband Internet Growth Infrastructure Fund could raise more than US$1bn, and value it at anywhere…
Thai ISP Jasmine International is reportedly looking to pre-market the IPO of its infrastructure fund early next month.
The spinoff of the Jasmine Broadband Internet Growth Infrastructure Fund could raise more than US$1bn, and value it at anywhere between Bt55bn and Bt70bn (US$1.7bn and US$2.2bn), according to an IFR report.
Bualuang Securities and Morgan Stanley are reported to be the underwriters on the IPO, which was initially announced in mid-2013. The fund was due to float by the end of last year but was delayed due to Thailand’s unstable political climate and legal issues.
In 2013, Jasmine said the fund would include its 610,000km fibre network and 16,000 nodes. However, last month, Jasmine noted it may cut the size of the fund and not include some network assets that are part of a legal dispute with rival telco TT&T. While more cable would be added to the fund in this scenario, the amount to be raised in the listing could fall.
Proceeds from an IPO would be used to expand Jasmine’s broadband business. The ISP previously said it wants to keep hold of a third of the fund.
Should it proceed with the spinoff, Jasmine would be following in the footsteps of local telecoms group True Corp, which raised US$1.8bn in December 2013 through listing an infrastructure fund.
