Business

Gulf Energy raises $733m in biggest Thai corporate IPO in over a decade

Gulf Energy is set to be the largest company float in Thailand since 2006 when Rayong Refinery raised 27.2 billion baht although Rayong Refinery has since been delisted.

Published

4 years ago

November 23, 2017

Deal Street Asia

Gulf Energy Development Pcl, Thailand’s No. 3 power company, has priced its IPO at the top end of its marketed range, raising 24 billion baht ($733 million) and marking in the country’s biggest corporate listing in more than ten years.

Gulf Energy, which has a portfolio of gas-fired and renewable power plants, said in a filing that it had priced the offering of 533.3 million new shares at 45 baht per share, compared with an indicative range of 40 baht to 45 baht.

The offering signals a rebound for Thai listings as the economy improves on the back of a pick-up in exports and tourism. More big offerings are expected next year including a spinoff of the retail arm of PTT Group, the energy giant, as well as a deal from Thonburi Hospital Group.

Bangkok IPOs this year, including Gulf Energy, have raised a combined 56.3 billion baht, versus last year’s total of 52.7 billion baht, according to the bourse’s website.

Gulf Energy is set to be the largest company float in Thailand since 2006 when Rayong Refinery raised 27.2 billion baht although Rayong Refinery has since been delisted.

Cornerstone investors in Gulf Energy include the Asian Development Bank and Affin Hwang Asset Management Berhad, which together have agreed to buy 65.6 million shares, while 15 Thaiinvestors are buying 98.5 million shares.

Gulf Energy plans to increase investment, including lifting its stake in a joint development project with Mitsui & Co from 51 percent to 70 percent, the company announced last week. The project is developing two gas-fired independent power producers with a total capacity of 5,300 megawatts (MW), with commercial operations expected to begin after 2021.

Gulf Energy has an installed capacity of over 4,772.1 MW and plans to add another 6,353.6 MW of capacity to its existing portfolio by 2024.

Bank of America Merrill Lynch and UBS were the lead managers for the offering, while Bualuang Securities, Kasikorn Securities and Siam Commercial Bank were joint domestic co-ordinators.

Business

Thailand aims to push its games and content industry

After almost a year under the pandemic, the number of game players in Thailand rose to 32 million and helped the market generate over a billion dollars in 2020, according to NewZoo, an international analytics and market research group.

Published

2 weeks ago

October 3, 2021

National News Bureau of Thailand and Headline Editor

Currently, key digital organizations involved in the economy are joining forces to push the Thai gaming industry, so as to attain the level of a regional hub.

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Investment

Thailand’s H1 Investment Applications rise 158% in combined value, BOI says

Japanese firms ranked first with 87 projects worth 42.8 billion baht, followed by investments from the U.S. with 18 projects worth 24.1 billion baht, and China with 63 projects worth 18.6 billion baht.

Published

2 months ago

August 9, 2021

BOI and Headline Editor

In the first six months of 2021, Thailand’s investment applications increased 14% from the year earlier period in terms of the number of projects, and 158% in combined value, led by increasing foreign direct investment (FDI) applications, sustained growth in target industries including the electronics and medical sectors, as well as in power generation, the Thailand Board of Investment (BOI) said.

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