Bangkok Airways has fixed formal terms for an initial public offering (IPO). The carrier hopes to raise between Bt16.79 billion and Bt19.71 billion ($510 million and $604 million) with the sale of 730 million shares. The shares, which have a price range of Bt23 to Bt27, are split of 520 million primary shares (24.8% of enlarged), plus 105 million secondary shares (5% of enlarged) and a further 105 million shares (5% of enlarged).
The first tranche of secondary shares are being divested by a member of the controlling family, Paramaporn Prasarttong-Osoth, and will be sold during the first day of trading. The second tranche of shares are being sold concurrent to the offering as a strategic stake to Bangkok Bank.
The deal is being led by Bualuang Securities, Citigroup, Credit Suisse and DBS. Having completed roadshows in Bangkok, the management will move to Singapore on October 10 and then to Hong Kong on October 14.
Pricing is scheduled for October 17, with listing on November 3.