Thai Airways flies high

Thai Airways is finally able to increase its freefloat 11 years after listing on the Stock Exchange of Thailand.

A combined primary and secondary share offering for Thai Airways successfully cleared the market yesterday Wednesday via a group of six leads led by JPMorgan and Merrill Lynch on the international side, plus Asset Plus, Bua Luang Securities and SCB on the domestic side.

Raising Bt22.14 billion $555 million, the government sold 157.75 million shares including a 57.75 million share greenshoe and the company sold 285 million shares. The greenshoe was allocated to the international tranche, which received 260.75 million shares 59%, with domestic institutions and retail investors allocated 182 million 41%.

International investors received a slightly smaller allocation than the 70% initially anticipated in a reflection...

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