The success enabled DTAC to set a share price for the IPO of Bt40 a share, or a discount of 6.5 per cent off of the company's share price on the Singapore Stock Exchange.

Thailand's second-largest cellular operator earlier set a price range of Bt35 to Bt42 for the 222 million shares, to be sold officially on June 22.

"I'm very satisfied with the result," said DTAC chief executive Sigve Brekke. "Despite the current market sentiment, we are extremely pleased with the interest received from both retail and institutional investors. We have succeeded in making DTAC's IPO the people's IPO.

"We are looking forward to trading on the SET [Stock exchange of Thailand] and becoming a small force to help drive the Thai economy," he said.

DTAC's share price on the Singapore Stock Exchange was US$1.24 yesterday before trading in the shares was halted in the afternoon on DTAC's request, pending finalisation of the IPO share price. On Tuesday, its shares closed at $1.28.

The Stock Exchange of Thailand also temporarily halted trading in shares of DTAC's parent, United Communication Industry (Ucom) yesterday, at Ucom's request. Normal trading in Ucom shares will resume today.

Ucom said it requested the temporary halt because it was discussing with DTAC the final price for DTAC's 222 million IPO shares. Given that Ucom's assets consist mainly of investments in DTAC shares, the determination of the final price was considered to be material information that could have affected the price of Ucom's shares.

Of the total 222 million shares to be sold by DTAC next week, 77.7 million shares are reserved for both local and foreign institutional investors; 77.7 million for individual Thai investors who booked their purchases at branches of Kasikornbank and Siam Commercial Bank; 51.06 million are reserved for retail investors who buy through their brokers; 11.1 million for employees; and 4.44 million for the company's supporters.

The subscription period for retail investors began on Tuesday and ended yesterday. More than 12,000 investors subscribed to the IPO via bank branches during the two days. However, at press time yesterday the company had yet to reveal the final value of shares subscribed through the banks.

Shares allocated to institutional investors and those for booking via brokers were oversubscribed two times on the first subscription day.

SCB Securities and Kasikorn Securities, with international support from JP Morgan Securities, have led the DTAC share offering.

The Singaporean-listed firm plans to maintain its dual-listing policy. Its market capitalisation of about Bt70 billion will make it one of the 20 largest companies traded on the SET.

When listed on the Thai bourse, DTAC will qualify for a 5-per-cent tax break for three years following the IPO.

As of this year's first quarter, DTAC had 13.3 million subscribers for its mobile-phone services.