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Bangkok Airways Ready For IPO
23rd Sep 2014
After several attempts to go public half a decade ago, the 46-year old regional airline is now more than ready to finally hold its IPO in mid-October this year.
The much anticipated public listing is touted as the largest the local market will ever see in years. The airline, though, has not disclosed the IPO price yet as they have to conduct a book-building process which is scheduled this month or a few days before the debut date.
The airline, however, has already confirmed that it is planning to offer up to a maximum of 520 million ordinary shares of equivalent to 25 percent of the total issued and paid-up shares.
According to industry experts, a share could fetch a maximum price of THB30 which would bring in up to THB15.6 billion in proceeds to the airline.
In a press release, the airline announced that subscription of shares will start in the middle of this month. However, trading of the shares at Thailand's public bourses would not start until the end of October.
The decision to finally proceed with its long-time plan to go public came after it has realized it's the right time to do so with the continuing expansion of the aviation industry in the region, especially now that the ASEAN economic integration is drawing near.
There have been 20 companies made their market debut in the local bourses this year, 10 each on Stock Exchange of Thailand (SET) and Market for Alternative Investment (MAI).
In an interview, the airline's President, Puttipong Prasarttong-Osoth, disclosed that some of the proceeds of the IPO will be used to finance the acquisition of more aircraft in its bid to modernize its aging fleet. It will also plan to renovate its hangar at the Suvarnabhumi Airport and rehabilitate its own airport at Koh Samui.
Bangkok Airways will become the fourth airline in Thailand to list on the country's biggest stock exchange after Nok Air did the same last year. Thai AirAsia made its market debut in 2012 while Thai Airways International listed its shares on Stock Exchange of Thailand in 1991 which has become the largest IPO in the country's stock market history.
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