Foreign institutional investors bought 21.04 per cent of the newly issued shares, local institutional investors 40.74 per cent, individual foreign investors 0.08 per cent and local retail investors bought the rest, according to Montree Sornpaisarn, chief executive of Kim Eng Securities (Thailand) Plc.

Kim Eng Securities was the financial adviser for the subway operator's fund-raising deal. Bangkok Metro emerged as the second-largest IPO deal this year, after Rayong Refinery Plc.

Earlier, the company cut its allocation ratio to institutional and foreign investors from 50 per cent to 35 per cent after they showed lukewarm interest during the book building process - which was conducted ahead of subscription to test demand. The share price was set at Bt1.31 each.

The stock starts trading on the Stock Exchange of Thailand this Thursday.

Concerning the first batch of 25 million shares allocated to general investors on September 8 at the Queen Sirikit National Conventional Centre, Montree said that those who ordered the shares could check random results at www.settrade.com.

Meanwhile, Demco Plc plans to sell 50 million shares in an initial public offering in the fourth quarter. The company plans to list on the Market Alternative Investment.

Apart from the 50 million shares, the company will issue 5 million warrants through an employee stock-option program.

Proceeds from the share allotment will be used as working capital, to repay debts and purchase machinery.

Demco is an electrical-engineering and telecom-system provider.

Siriporn Chanjindamanee

The Nation