The domestic-only offering was wrapped up at Bt10.30 a share versus a Bt9.90-Bt10.40 price guidance, with 350m primary units sold.
Sponsored by Thailand-listed Buriram Sugar, the issuer worked with Bangkok Bank, Citic CLSA Securities and Maybank as lead managers. Maybank was also the financial adviser.
“The shares were well taken up by local retail and institutional investors,” said a banker on the transaction. “A few international funds wanted in despite the restrictions, but there were no shares to go around anyway.”
The infrastructure fund will own the rights to the net income generated by biomass power plants owned by Buriram Energy Co for a period of 11 years until 2028 and Buriram Power Co for a period of 18 years until 2035. The plants, which have a combined production capacity of 19.8 megawatt, use bagasse, a sugar cane by-product, as their main source of fuel.
Parent Buriram Sugar produces and distributes white and raw sugar throughout Thailand.