Indorama raises $123 million from downsized IPO

The size of the offering is cut by more than half as the global equity environment deteriorates, but the remaining deal is well-covered.

Indorama Ventures, a Thailand-based petrochemical company focusing on polyester, will become the first company to go public in Thailand since April 2008 after pricing its initial public offering at the bottom of the range.

The pricing came after the company on Friday (the final day of the bookbuilding) downsized the offering from 913.4 million shares to 400 million shares, and raised a total of Bt4.08 billion ($123 million), compared with earlier plans to raise as much as $347 million.

According to sources, the size reduction, which was announced mid-afternoon Hong ...