(Bangkok Post via NewsEdge) The initial public offering in Thailand of DTAC, the country's second-largest mobile operator, received relatively strong response on the first subscription day.
Sigve Brekke, DTAC CEO, said demand from institutional investors was 'very strong', and that the total issue of 222 million shares had already been oversubscribed.
But the allotment of 77.7 million shares reserved for retail investors would remain for subscription.
'We hope that retail investors take up the offering. But if the allotment is not fully sold, then we will shift the remaining shares to cover the oversubscription by institutions,' Brekke said.
Of the 222 million shares offered, 65% were allocated to retail investors and the balance to institutional investors, which have already been fully booked.
'Given the shaky market sentiment right now, we're satisfied with the reaction,' Brekke said.
He said the IPO had been affected by political uncertainties following the Asset Scrutiny Committee's move on Monday to freeze assets held by the Shinawatra family.
Shares of DTAC will start trading on the Stock Exchange of Thailand on June 22.
© 2007 Bangkok Post
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