Gulf Energy powers up Thai IPO market

Bangkok-headquartered independent power producer launches Thailand’s largest IPO of the year. It's 2017's fourth benchmark-sized IPO – all in the power sector.

Gulf Energy Development on Wednesday launched the fourth initial public offering of the year in Thailand's power sector, underscoring a strong appetite for energy stocks despite a lacklustre growth outlook and excess supply in the domestic market.

The Bt21.3 billion to Bt24 billion $639 million to $719 million IPO Thailand’s largest this year comes after TPI Polene Public, WHA Utilities Power and B.Grimm Power raised a total of $990 million through their listings earlier this year.

B.Grimm Power in particular is considered one of the closest comparables for Gulf, since both operate as independent power producers, while TPI Polene and WHA Utilities Power run waste-to-energy...

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