BTS Group's fund surges 17.6 pct in debut after record Thai IPO
BANGKOK/HONG KONG, April 19
BANGKOK/HONG KONG, April 19 (Reuters) - BTS Group Holdings PCL's infrastructure fund rose 17.6 percent in its trading debut on Friday as Thailand's biggest initial public offering underscored demand from yield-hungry investors amid a flurry of listings in Southeast Asia.
The BTS Rail Mass Transit Growth Infrastructure Fund climbed to 12.70 baht in early trading from the 10.8 baht per unit IPO price. Shares of BTS Group, the operator of Bangkok's traffic-busting elevated Skytrain, rose 1.6 percent, while the benchmark SET index was up 0.3 percent.
Morgan Stanley, Phatra Securities and UBS acted as joint bookrunners for the IPO. The banks stand to earn about $30 million in fees from the deal, equivalent to 2.15 percent of the total raised excluding the sponsor tranche.