TPI Polene Power Pcl, Thailand’s largest producer of waste-derived power, plans to raise up to 17.5 billion baht ($500.4 million) in an initial public offering, in what could be the country’s largest IPO in more than a decade.

The company plans to sell up to 2.5 billion shares, or a 30 percent stake, at a rate of 6 baht-7 baht ($0.17-$0.20) per share, parent firm TPI Polene Pcl said in a statement to the stock exchange on Friday.

Of the total, up to 125 million shares will be offered to TPI Polene’s existing shareholders on March 22-March 24, and the rest will be sold to the public on March 24-March 29, it said.

The power firm has said the sale proceeds will be used mainly to finance capacity expansion.

TPI Polene Power runs four plants with a total installed capacity of 150 MW. Two of the plants, with a combined capacity of 80 MW, use fuel derived from refuse, while the other two generate power from waste heat.

Maybank Kim Eng Securities Pcl, Tisco Bank and CIMB Thai Bank are financial advisers on the IPO.

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