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Thailand's Asset World raises 48B baht in IPO

Thailand's Asset World Corp. PCL raised 48 billion baht through an IPO of 8 billion shares at 6 baht each, Reuters reported Sept. 27, citing company CEO Wallapa Traisorat.

The offering included an overallotment option. Bank of America Merrill Lynch said 13 cornerstone investors subscribed to half of the shares offered in the offering, with Singapore's sovereign wealth fund GIC Pte. Ltd. buying US$300 million worth of the company's shares, Reuters reported.

Wallapa added that the company will invest 25 billion baht in hotel and retail projects, and use an additional 20 billion baht for property refurbishments.

As of Sept. 27, US$1 was equivalent to 30.64 Thai baht.