Franco-Belgian utility giant Suez Tractebel is to list its Thai power producer unit Glow Energy after a $309 initial public offering (IPO) for almost 35% of the group share capital.
The shares are expected to rise on the launch, but only slightly given a rapidly rising energy demand. The IPO was two times oversubscribed in the international tranche and four times in the retail tranche. Glow sold 506 million shares to domestic and foreign investors at 24 baht ($0.49) each in early April making it Thailand's third-largest listed power producer with a market capitalisation of $894 million.
Glow intends to use the IPO proceeds to finance expansion at its power and steam plant at the Map Ta Phut industrial estate in the eastern province of Rayong.
Following the IPO Suez Tractebel's stake fell to 65%, with some 35% accounted for in the IPO.
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