September 21, 2017 / 9:14 AM / a year ago

CORRECTED-Thailand's TOA Paint IPO to raise up to $368 mln (Sept 21)

(In Sept 21 item, corrects details of underwriters in paragraphs 10 and 11 to say Bualuang and Kasikorn are lead underwriters, and UBS is international coordinator and initial purchaser)

BANGKOK, Sept 21 (Reuters) - TOA Paint Plc (Thailand), the country’s largest paint producer, said on Thursday its initial public offering later this month is expected to raise up to 12.2 billion baht ($368.36 million).

The company will offer 254 million new shares, along with 253.6 million shares from existing shareholders, at a price range of 22-24 baht per share, it said in a statement.

Subscription will be open for general investors between Sept. 27 and Sept. 29, and for cornerstone investors on Oct. 2-4, it said.

Cornerstone investors include Kasikorn Asset Management, Bualuang Ventures, AIA (Thailand), SCB Asset Management, and Aberdeen Asset Management, said Pichet Sithi-Amnuai, executive director, Bualuang Securities, the IPO’s financial adviser.

The final IPO price will be decided by Oct. 2, Pichet told reporters.

TOA Paint will use the proceeds to build three factories in Indonesia, Cambodia, and Myanmar, with expected commercial operating dates between the second and fourth quarter of 2018, the company said.

“TOA Paint has a 48.7 percent share of paint coating business in Thailand,” Chief Executive Officer Jatupaht Tangkaravakoon said in the statement.

It has a 13 percent share of paint products and distribution channels in Southeast Asian countries, he added.

The firm has three plants in Thailand, and factories in Vietnam, Laos, Myanmar, Malaysia, and Cambodia. It has a total production capacity of 88 million gallons of paint per year.

UBS is the international coordinator and initial purchaser, TOA said.

Bualuang Securities and Kasikorn Securities are lead underwriters, the company said. Tisco Securities, Thanachart Securities, KT Zmico Securities, and UOB Kay Hian (Thailand) Securities are co-underwriters.

$1 = 33.12 baht Reporting by Chayut Setboonsarng and Wirat Buranakanokthanasan; Editing by Sherry Jacob-Phillips

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