Thailand-based telco True Corp has started pre-marketing the listing of an infrastructure fund, offering an indicative yield of 6.4% to 8.5% for next year, according at IFR.
True is looking to retain an 18% stake in the fund, which is aiming for a…
Thailand-based telco True Corp has started pre-marketing the listing of an infrastructure fund, offering an indicative yield of 6.4% to 8.5% for next year, according at IFR.
True is looking to retain an 18% stake in the fund, which is aiming for a market capitalisation of between Bt60bn (US$1.9bn) and Bt80bn (US$2.5bn). The timing and size of the spinoff will be decided when pre-marketing has been completed on 3 December, IFR said.
Credit Suisse and Siam Commercial Bank are reported to be the joint global coordinators for the IPO and BofA Merrill Lynch and UBS are said to be joint bookrunners, with Standard Chartered lead manager.
True, which controls Thailand’s third largest mobile operator, will spin off assets including towers and fibre optic cable networks into the fund and then lease them back.
Proceeds from the flotation should repay part of True’s debt pile, which stood at Bt100bn (US$3.2bn) as of March.
The IPO could rival that of Thai mass transit company BTS Group Holdings – its US$2.1bn listing in April was the largest in the country’s history.
