Thainox Stainless to sell THB 2.5 billion shares

Thainox Stainless to sell THB 2.5 billion shares

According to recent news in the market, Thailand's sole stainless steel producer Thainox Stainless will sell THB 2.5 billion ($63.1 million) next week via initial public offering (IPO). The stock will debut on the bourse around mid-December 2004. Each share is THB 2.10. In fact, the initial size of the IPO was determined as THB 3 billion however it was reduced due to limited interest from investors. THB 329.6 million shares of the THB 2.5 billion shares are the new shares and the remaining shares are the existing shares held by Mahagitsiri Group, the company's largest shareholder. It is reported that THB 1.6 billion shares will be allotted for institutional investors and the remaining THB 600 million shares will be allotted for retail investors.