Interlink Telecom Pcl (ITEL), a Thai provider of high-speed fibre optic network, expects to raise 1.04 billion baht ($30 million) through an initial public offering (IPO).
In a regulatory filing, the company will sell 200 million shares, equivalent to 40 per cent of its registered capital at a price of 5.20 baht apiece. Of the total, it will offer 60 million shares to existing shareholders and the remaining 140 million shares to the public.
It will allocate 3.5 per cent of IPO shares to institutional investors in Hong Kong and Taiwan to secure its growth in the long run, Nattanai Anuntarumporn, managing director of ITEL, told the media today.
He said around 600 million baht of the IPO proceeds will go toward debt repayment, 70 million baht will be used to co-invest in a data centre business, 50 million baht will be spent on improving and expanding the network and the remaining will be saved as the working capital.
Interlink Communication, the major shareholder which holds 99.99 per cent stake in ITEL, will see its holding reduce to 60 per cent after IPO.
Nattanai said that the revenue this year is projected to expand 50-60 per cent from 437 million baht last year and the net profit will double from 30.67 million baht in 2015.
Finansia Syrus Securities is a financial advisor and lead underwriter together with six co-underwriters: Globlex Securities, KGI Securities (Thailand), KT Zmico Securities, Trinity Securities, Nomura Pattanasin Securities and Bualuang Securities.
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