The PCL Infrastructure Fund of BTS Group Holdings increased by 17.6% during its trading debut last Friday. This is Thailand's biggest initial public offering to date and has highlighted the increasing demand from investors hungry for returns in a growing Southeast Asian listings market.
The share price for BTS Rail Mass Transit Growth Infrastructure Fund was at 12.70 baht in trading, up from 10.80 baht at IPO unveiling. The shares of the BTS Group, the operator of the SkyTrain system jumped 1.6% with the benchmark for the SET index was pegged at just 0.3%.
The bookrunners for the IPO were Morgan Stanley, Phatra Securities and UBS. Because of the IPO, these banks were to earn nearly US$30 million in fees, which is equivalent to just 2.15% of the total raised funds exclusive of the sponsor's tranche.
SkyTrain began operations in 1999 and travels 23.5 kilometers in the Bangkok area carrying 600,000 passengers each week above the congested streets of the city.
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