The subway operator has allocated 2.7 billion initial public offering shares in total. The remaining stock will be sold through brokers between Monday and Wednesday next week at a price of Bt1.31.

The company emerged as the second largest IPO deal this year with Bt3.61 billion of funds raised, behind only Rayong Refinery Plc.

Chartchai Praditpong, BMCL's corporate relations manager, estimated that retail demand reached around 100 million shares.

"At 11am, investors sent subscription forms to buy around 10 million shares," he said.

Although no mad rush was seen to buy BMCL's IPO shares, a steady stream of investors showed up at Queen Sirikit National Convention Centre subway station.

Some subscribers were subway commuters while others were stock investors.

Waranant Chuprasert said she had signed up for 10,000 shares.

"Its business is promising as the government has a policy to expand the routes. This is deemed to be long-term investment as the company will not pay dividends for five years," she said.

The company earlier decided to cut the percentage of its IPO shares allocated to institutional and foreign investors following lukewarm interest in the build-up to the public offering.

Institutional and foreign investors will be allocated only 35 per cent of the shares, instead of the earlier 40-50 per cent.

Siriporn Chanjindamanee

The Nation