Bangkok Commercial Asset Management PCL is planning to sell up to 1.77 billion shares in its proposed IPO, Bloomberg News reported Aug. 17, citing a regulatory filing.

The company said majority owner Bank of Thailand will offer up to 1.48 billion shares, and the remainder will be new shares. The central bank's stake distressed asset manager will fall to as low as 45.6%, according to the filing.

Bloomberg reported in November 2018 that the planned offering could raise up to US$700 million.