By P.R. Venkat
SCG Packaging PCL, a unit of Siam Cement PCL, has set the offer price for its shares at the top end of the price range that will see the company raise 39.55 billion baht ($1.27 billion) in the initial public offering in Thailand.
SCG Packaging has set the IPO price at THB35.00 a piece, Siam Cement said Thursday. If successful, he IPO will be the country's second-largest offering after Central Retail Corp.'s $2.5 billion listing in February.
SCG Packaging is planning to sell 1.13 billion shares and had earlier given a price range of THB33.50-THB35.00 per share.
The offer will also have a cornerstone tranche, with a group of investors agreeing to subscribe to the shares ahead of the IPO, the company said earlier.
Last year, Siam Cement said that it planned to sell up to 30% of SCG Packaging's shares in an IPO. It also said SCG Packaging intended to use the proceeds from the planned IPO for domestic and international business expansion.
Write to P.R. Venkat at firstname.lastname@example.org
(END) Dow Jones Newswires