Indorama block upsized by 80% to $395 million

International investors pile in after shares in the Thai manufacturer of PET plastic gain 350% following its IPO in January last year.

The controlling shareholder of Bangkok-listed Indorama Ventures was able to upsize its sell-down in the company by 80% from the targeted size to Bt12.02 billion $395 million after some long-only accounts came back with very substantial orders.

Indorama is the world’s second largest producer of polyethylene terephthalate, better known as PET, which is used primarily to make drinks bottles. It is also active throughout the polyester chain. Other products include polyester fibre, which is mainly used in textiles and for industrial purposes such as conveyor belts and technical fabrics.

The deal was launched after the market closed on Thursday and closed at 10pm Hong Kong time that same evening. However, the bookrunners chose to...

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