Thai power firms to launch IPO after success of the BTS Skytrain's fund
Two Thai power firms plan to raise a combined 11.7 billion baht ($383 million) via an IPO of separate infrastructure funds in the second half of this year.
Amata B. Grimm Power Group has entrusted KAsset for the preparation of the Amata B. Grimm Power Power Plant Infrastructure Fund (ABPIF), likely reaching an investment value of 6-7 billion Baht on rights to the future benefits of two natural gas power plants that would have a combined capacity of 350 megawatts.
On February 1, 2013, KAsset filed to establish the fund with the Office of the Securities and Exchange Commission (SEC). Upon SEC approval, KAsset plans to offer this infrastructure fund to investors within the first half of 2013. The company planned to use the proceeds to finance expansion of its 2,000 megawatt power plants.
The Amata B. Grimm Power Group is a major power producer that has operated under Thailand's Small Power Producer (SPP) program for 20 years.
Amata B.Grimm Power is 56.23 % owned by B.Grimm Group. Thailand's largest industrial estate developer, Amata Corp, owns 13.77 percent of the company and Sumitomo owns 30 % of the firm.
Solar farm producer SPCG Pcl, which has said it planned to invest 10 billion baht in its solar farm business this year, aimed to raise at least 5 billion baht from the IPO of an infrastructure fund.
These announcements come after an infrastructure fund backed by revenues from the BTS SkyTrain, the BTS Rail Mass Transit Growth Infrastructure Fund, raised 62.5 billion baht ($2.13 billion) in the biggest initial public offering (IPO) in Thailand's history.
Sources: KAsset & others
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