Jasmine prices IPO at bottom of the range

One of Thailand's largest IPOs is fixed at the bottom of its price range, offering a big yield pick-up for investors.

Jasmine Broadband Internet Infrastructure Fund Jasif has priced its Thai initial public offering at the bottom of its indicative range, offering a big pick up to comparables and Thai sovereign bonds.

The 3.66 billion share deal was priced at Wednesday's open at Bt10, raising proceeds of Bt36.67 billion $1.1 billion. Allocations for the Morgan Stanley- and Bualuang-led offering were also being completed on Wednesday, with a likely 5050 split between domestic and international investors.

About 70% of the international tranche will go to the top 10 investors, with a strong focus on global long-only income funds.  “This isn’t a deal that appealed to momentum...

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