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Bangkok Airways IPO Oversubscribed
20th Oct 2014
The carrier was able to raise more than THB13 billion from the 520 million shares that it offered to the public, making it the country's largest IPO this year.
According to the underwriter, Bualuang Securities, the carrier's IPO was oversubscribed by almost twice its volume with a price tag of THB25 per share.
The 520 million shares offered by the boutique airline represented 24.8% of the airline's total stakes.
The IPO in the country's stock market has been in decline in recent years, especially in the tourism industry sector. This prompted the carrier to set the price for its IPO in the median range of the indicative range between THB23 and THB27 in order to entice investors.
The airline was not expecting the positive outcome of its IPO as the country's tourism industry is still reeling from the recent political crisis. Though the country is still placed under a martial rule, its tourism industry is slowly recovering nonetheless.
Bangkok Airways offered 320 million of the 520 million shares to local investors based on the airline's document filed with the Securities and Exchange Commission.
Aside from its normal commercial airline operations, Bangkok Airways also owns and operates three domestic airports'in Sukothai, Trat and resort island Koh Samui.
The proceeds of the IPO will be used to finance its fleet expansion program as well as improve its aircraft hangars in Koh Samui and Suvarnabhumi airports.
Bangkok Airways commenced trading publicly on Thai bourse last November 3. It will compete directly on the national bourse with other carriers such as the state-owned Thai Airways International and its subsidiaries, Nok Airlines PCL, and Thai AirAsia.
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