Shares in VGI Global Media Pcl surged as much as 73 percent at their market debut as a strong prospect of advertising income attracted investors, brokers said.
VGI shares were up 60.7 percent at 56.25 baht, far above their IPO price of 35 baht and outperforming the media subindex , which was down 0.16 percent. The broader SET index edged down 0.06 percent.
The media firm said its net profit for three months ended June 30 nearly doubled to 160 million baht ($5.21 million). VGI provides media service in the mass transit, department store and office building sectors.
Broker Asia Plus Securities rated the stock a ‘buy’, with target price of 50 baht, based on 20 times forward price to earnings versus 18.6 times for the media sector.
VGI raised 3.08 billion baht in initial public offering early this month, the second-biggest IPO on the main Bangkok exchange this year, after Asia Aviation Pcl’s 4.5 billion baht IPO in May.
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(Reporting by Viparat Jantraprap and Wirat Buranakanoktanasarn in Bangkok; firstname.lastname@example.org); Editing by Jijo Jacob
$1 = 30.725 baht