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UPDATE 1-Ananda Development launches $213 mln IPO, caps Thai boom year
November 12, 2012 / 2:50 AM / 5 years ago

UPDATE 1-Ananda Development launches $213 mln IPO, caps Thai boom year

* Deal pushes Thai IPO volumes to highest in 18 years

* Thai index leads Asia-Pacific, up 26 pct in 2012 (Adds Thai IPO volumes, market performance)

HONG KONG, Nov 12 (Reuters) - Ananda Development, a Thai real estate developer focusing on housing near Bangkok’s subway system, launched an up to $213 million initial public offering on Monday, capping the busiest year for IPOs in the country in 18 years as investors flock to Southeast Asia listings.

The boom in new listings in Thailand, Malaysia and Philippines has helped investment banks weather a plunge in larger Asia-Pacific markets including Hong Kong, China and Singapore.

For Thailand, 2012 has been a banner year, with the benchmark stock index up nearly 26 percent, marking the best performance of any major market in the region.

Companies including Tesco Plc’s local unit have raised about $1.37 billion in IPOs in Thailand so far in 2012, according to Thomson Reuters data. The Ananda Development deal would push new issuance volume to the highest in the country since the $2.64 billion raised in 1994.

Ananda Development is offering 1.33 billion shares at an indicative range of 4.2 to 4.9 baht each, putting the total deal at up to 6.52 billion baht ($213 million), according to a term sheet of the deal seen by Reuters.

Ananda Development plans to use the funds on new building projects, to pay down debt, and for working capital, according to the term sheet.

Barclays was hired as the sole global coordinator on the deal, with CIMB, Bualuang Securities and KT ZMICO Securities also acting as joint bookrunners. ($1 = 30.6400 Thai baht) (Reporting by Elzio Barreto; Editing by Chris Gallagher)

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