Indorama to raise US$347 mln in Thailand's biggest IPO since 2006

13-Jan-10

Indorama Ventures, the parent of Indorama Polymers, plans to raise US$347 mln in an initial public offering (IPO) on Thailand's stock exchange in the country's biggest IPO since 2006. The IPO will be priced around Jan 23 after a management roadshow that ends on Jan 18, the term sheet said. The listing will likely take place on Feb 5. The company may also exercise a greenshoe option to sell an additional 137 mln shares if demand is strong. Indorama Ventures holds a 42.8% stake in Indorama Polymers and is seeking a listing and plans to make a tender offer for the shares it does not own in Indorama Polymers, Thailand's biggest polyethylene terephthalate maker. It is selling 913.4 million primary shares at an indicative price range of 10.20-12.60 Thai baht, according to the term sheet. The share sale included Indorama Ventures shares that will be issued to replace existing Indorama Polymers shares. Last year Thailand's stock market ranked as the seventh best-performing major market in the Asia-Pacific region with gains of 63%.