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Thai hospital Praram 9 targets 2.2B baht from IPO

Praram 9 Hospital PCL is looking to raise up to 2.2 billion Thai baht in its IPO of up to 180 million newly issued shares priced at 11.60 Thai baht apiece.

The IPO was priced at the top end of its target range, which was between 10.60 baht per share and 11.60 baht per share, Reuters reported Oct. 12, citing Praram 9's financial adviser Phatra Securities.

The Thai hospital is offering 167.5 million shares to the general public, while 12.5 million shares are being offered to founders. Additionally, the company intends to issue 20 million shares as part of an overallotment option.

Praram 9 Hospital's shares will trade on the Stock Exchange of Thailand starting Oct. 30, Reuters reported. The news outlet added, citing a company filing, that Praram 9 plans to use proceeds from the offering to upgrade the facility and develop a new hospital wing.

Reuters reported that the hospital, which is linked to the former Prime Minister Thaksin Shinawatra, listed Shinawatra's ex-wife Potjaman Damapong and their three children as major shareholders, holding a combined stake of 40% in the company.

As of Oct. 11, US$1 was equivalent to 32.74 Thai baht.