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 First Boston and Merrill Lynch as international lead managers. Having marketed the deal at a range of Bt37 to Bt42 per share, the offering was priced at Bt42 and represents 30% of the company's outstanding...

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