True Corporation raises 58.1 billion baht through the IPO of True Telecommunications Growth Infrastructure Fund

Thailand-based True Corporation has raised 58.1 billion baht through an initial public offering (IPO) of its infrastructure fund, the True Telecommunications Growth Infrastructure Fund, which owns assets such as telecom towers and optic fibre cable networks. True Corporation offered 5.8 billion shares of the fund at a price of 10 baht per share. It intends to use the funds for reducing its debt that stands at $3.4 billion. The operator had originally planned to raise 80 billion baht from the capital market; however, it had to scale down the amount due to unfavourable market conditions. The Credit Suisse Group and Siam Commercial Bank PCL were the joint global coordinators for the IPO, while Bank of America Merrill Lynch and UBS AG were the joint bookrunners.