AOT completes IPO

Reasonable valuation and strong liquidity propel Airport Authority of Thailand (AOT).

A Bt17.3 billion $440 million IPO for AOT was completed at the top end of its indicative range yesterday Tuesday after order books closed multiple times oversubscribed. In a familiar pattern for the Asian equity markets, investors relished an opportunity to put money to work and diversify into an IPO to re-captur further upside from markets that have already had a good run.

The 412.57 million share deal including greenshoe was led by Phatra Securities with Credit Suisse...

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