True fund starts roadshow for up to $1.48bn IPO

The Thai telecom infrastructure fund will have a total value of $1.8 billion and comes with a fixed forward yield of 8.8%.

True Telecommunications Growth Infrastructure Fund True GIF has launched the management roadshow for its initial public offering and is aiming to start the institutional bookbuilding on Wednesday, subject to a final approval from the Thai regulators.

The fund, which is being set up by Thai telecom operator True Corp, will have a total value of Bt58 billion $1.8 billion and, since the sponsor will subscribe to at least 18%, the maximum deal size targeted to public investors will be about $1.48 billion.

The sponsor may buy as much as one-third of the fund, and sources say it may take up a greater portion either if there is...

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