SkyTrain operator BTS prices fund's $2.13 bln IPO at top of range

BANGKOK, April 4 Thu Apr 4, 2013 8:02am EDT

BANGKOK, April 4 (Reuters) - Bangkok SkyTrain operator BTS Group Holdings Pcl is raising about $2.13 billion after pricing the initial public offering of its infrastructure fund at the top of a marketing range, sources told Reuters.

The fund, BTS Rail Mass Transit Growth Infrastructure Fund, sold 5.79 billion units at 10.8 baht each, putting the total deal at 62.5 billion baht ($2.13 billion), a source with direct knowledge of the process said. The source was not authorised to speak publicly about the matter so declined to be identified.

Earlier, BTS Chairman Keeree Kanjanapas told Reuters the IPO price was likely to be at the high end of indicative range of 10.4-10.8 baht per unit.

The IPO is the biggest ever in Thailand, surpassing the previous record of $727.6 million by Thai Oil Pcl in 2004, according to Thomson Reuters data going back to 1985.

It is also the largest in Asia this year, followed by the $1.3 billion Singapore IPO of a Temasek Holdings-backed real estate investment trust in February.

The SkyTrain is an elevated train system that covers about 23.5 km (14.5 miles) in greater Bangkok. About half of the IPO proceeds will be used to bid for four new mass transit lines, BTS has said.