GENCO IPO gets off the blocks ... just

Thailand''s first IPO in 3 years was oversubscribed by less than 10%, with retail demand still particularly weak.

The initial public offering IPO of General Environmental Conservation Public Co Ltd GENCO, Thailand's first new listing in three years, was oversubscribed by less than 10%, according to Chaiwat Kovavisarach, director at lead arranger SG Asia Credit Securities.

Of the 10 million new shares offered at Bt30 each, 45% went to institutional investors, 30% was sold to retail investors via the eight co-arrangers involved in the deal and 25% was picked up by walk-in retail investors. Originally, it was hoped this latter group of investors would take nearer to 40% of the shares on offer, but demand proved insufficient and so allocations for the other two groups were increased. Presale commitments from...

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