WHA Utilities & Power prices IPO

Strong demand for IPO despite Thailand's poor performance relative to other Asian markets.

WHA Corp secured top-of-the-range pricing for the spin-off of its water treatment business on Wednesday after valuing the company at a comfortable discount to peers.

A 229.5 million share deal for WHA Utilities Power WHAUP was priced at the top of a Bt25.25 to Bt26.25 range, netting Bt6 billion $174 million.

Like many recent Asean flotations, the deal was very much a local affair with a split, which saw 68% placed with domestic institutions and retail, 21% through the entitled tranche and 11% with foreign investors. 

The foreign tranche closed multiple times oversubscribed according to observers, but allocations were concentrated to just...

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