bangkok-metro-finally-hits-the-market-with-downsized-deal

Bangkok Metro finally hits the market with downsized deal

Modest interest seen from international investors in the lossmaking company, but the fixed-price IPO is expected to pull through.
Bangkok Metro PLC yesterday launched its long-awaited initial public offering, but has been forced to cut the size significantly from its earlier plans. This is in response to a difficult domestic market.

Even so, the offer could be a tough sell as the company is lossmaking and isnÆt expected to be able to pay dividends for at least five years based on its current projections of passenger traffic and fare revenues û projections that were trailing behind schedule in the first half of 2006.

Long-term domestic investors are likely to be its best bet for raising the Bt3.61 billion $96 million it is targeting in a fixed-price deal led by joint bookrunners CLSA and Kim...
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