Thai water firm plans May IPO
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BANGKOK, April 21 (Reuters) - Thai utility firm Tap Water Supply (TTW) said on Monday it planned to sell a 25 percent stake in an initial public offering in May after several abortive attempts to float.
TTW, majority-owned by construction firm Ch Karnchang CK.BK, would conclude the IPO price range by the end of this week, managing director Sompodh Sripoom told Reuters.
"We set a tentative timeframe at the middle of the second quarter, which should be next month. We don't think there will be more delay and we have received a good response from investors," he said.
TTW delayed the IPO several times since last year due to weak market sentiment and its own restructuring. Kasikorn Securities, a unit of Kasikornbank KBAN.BK is financial adviser for the sale.
Sompodh declined to disclose how much money would be raised from the IPO but Kasikorn said last year TTW would raise 3-4 billion baht ($95-127 million).
It plans to sell one billion shares -- 700 million newly issued and 300 million from existing shareholders, which also include Mitsui Water Holding (Thailand), Bangkok Expressway BECL.BK, Bangkok Bank BBL.BK and TMB Bank TMB.BK.
The proceeds would be used to repay debt, the company said in a stock exchange filing.
TTW has a 30-year contract to supply tap water to Nakhon Pathom and Samut Sakorn provinces near Bangkok. Subsidiary Pathum Thani Water has a 25-year contract to supply tap water to Pathum Thani province, north of the capital. ($1 = 31.54 Baht) (Reporting by Kochakorn Boonlai; Writing by Khettiya Jittapong, Editing by Ed Cropley)
