Siamgas sets IPO range at Bt7.50-8.50
Siamgas and Petrochemicals, one of the largest distributors of liquid petroleum gas, has set the indicative range for its initial public offering at Bt7.50-Bt8.50.
The IPO price will be fixed next Wednesday after IPO underwriting agreements with brokerages are signed and book-building is finished.
The IPO shares will go on sale on May 15 and 16 and are expected to start trading on the Stock Exchange of Thailand early next month, according to KTB Securities, one of the underwriters.
Of the 280 million IPO shares, about 260 million will be offered to the public and the rest to the company's executives and employees.
The proceeds will be used to expand LPG stations both here and in Vietnam as well as for working capital and loan repayment.
The company said in its statement yesterday that it would invest about Bt400 million in Vietnam, where it is now buying land to construct an LPG plant.
It forecasts its sales this year increasing by 10 per cent from Bt14.93 billion last year.
Rising oil prices make car users turn to using more gas, the company said. Its LPG volume saw double-digit growth last quarter.
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