Bangkok Bank life insurer unit plans $82 mln IPO

BANGKOK Aug 26 (Reuters) - Bangkok Life Assurance PCL, an affiliate of Thailand's biggest lender, Bangkok Bank BBL.BK, said on Wednesday it planned to raise up to 2.8 billion baht ($82 million) in an initial public offering (IPO) in September.

The insurer, which delayed the IPO last year because the market was hit by the global crisis and domestic politics, is to sell 200 million shares in a price range of 12.50-14.00 baht each from Sept. 7-11, it said in a statement.

Capital Nomura Securities CNS.BK is financial adviser for the IPO. The proceeds will be used to fund expansion.

Akekajak Buahapakdee, a senior vice-president of Capital Nomura, told Reuters the final IPO price would be fixed via a book-building exercise on Sept. 3 and expected the shares to begin trading on the stock exchange in late September.

After the IPO, Bangkok Bank and the founding Sophonpanich family would see their combined holding in Bangkok Life diluted to 39.9 percent from 47.9 percent.

Japan's biggest insurer, Nippon Life Insurance Co [NPNLI.UL], would see its holding diluted to 20.83 percent from 25 percent.

Several small Thai companies have launched IPOs in the third quarter after sentiment on the stock market improved.

The benchmark composite SET index .SETI has risen 49 percent so far this year. It traded near an 11-month high on Wednesday. ($1=34.00 Baht) (Reporting by Wirat Buranakanokthanasan; Writing by Khettiya Jittapong; Editing by Alan Raybould)