TPI Polene refuels Thai IPO market

Southeast Asia's largest waste-to-energy company opens one of Thailand's largest flotations in recent years.

Thailand's third largest cement company, TPI Polene, has formally launched a Bt15 billion to Bt 17.5 billion $429 million to $500 million initial public offering in its waste-to-energy unit, TPI Polene Public Power Company TPIPP.

If the 2.5 billion-share deal prices at the top end of its Bt6 to Bt7 indicative range, it will represent the eighth largest flotation from Thailand over the past decade and the largest since EGAT's North Bangkok Power Plant raised $617 million in July 2015. 

Bankers expect the deal to go well given the valuation attached to a company, which has a strong domestic market position in a sector...

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