G Steel forges IPO

Downsized deal enables company to fund its capex plan.

G Steel, Thailand's second largest producer of hot rolled steel coils, has priced the country's first IPO of the year towards the top end of its indicative price range at Bt1.60 per share, netting the company proceeds of Bt2.4 billion $60.9 million.

The international portion of the offering was arranged by Macquarie in its first Thai transaction as sole lead manager. The Australian-based bank took over the mandate from UBS in the fourth quarter 2005 after the latter had expressed concerns about the strength of the market.

Since then the deal size got cut from $200 million in order to allow for a decent valuation. Yet...

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