Thai solar power producer BCPG eyes up to USD 170m from IPO

Thai renewable power producer BCPG Plc, a unit of Bangchak Petroleum (BKK:BCP), may raise up to THB 5.9 billion (USD 169.9m/EUR 152.2m) through its planned initial public offering (IPO) in Thailand this month.

On Tuesday the company set a preliminary price range of THB 9.80 to THB 10.00 for the offering. It will sell 590 million of newly-issued shares, which is equal to 29.6% of the company's post-IPO registered and paid-up capital.

BCPG said it will invest the proceeds in renewables both at home and abroad, as part of a plan to boost total installed capacity to 1 GW by 2020. The company’s existing portfolio includes solar power assets in Thailand and Japan totalling 324 MW, including 186 MW under development.

The company will not limit its future plans just to solar power as it intends to invest in geothermal, wind, biogas, biomass and waste-to-energy projects, too.

The firm has appointed Kasikorn Securities, Tisco Securities and Finansa Securities as lead underwriters of the offering.

(THB 10 = USD 0.288/EUR 0.258)

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