BCPG Sets Preliminary IPO Offering Price Range of THB 9.8 - THB 10.0 Per Share
BCPG Sets Preliminary IPO Offering Price Range of THB 9.8 - THB 10.0 Per Share, Available for Subscription by September
BCPG Plc., generator and seller of electrical power from renewable sources, sets preliminary IPO offering price range of THB 9.8 – 10.0 per share. It expects the IPO share subscriptions for BCP’s specific group of shareholders who are eligible for share allocation and general investors during 14 – 16 and 19 – 20 September 2016 and listing on the Stock Exchange of Thailand (“SET”) within September 2016. BCPG has appointed Kasikorn Securities, Tisco Securities and Finansa Securities as lead underwriters. BCPG’s management announced plans to expand its renewable power plant projects both domestically and internationally, aiming to increase the total installed capacity to 1,000 MW by 2020.
On 6 September 2016, BCPG Public Company Limited (“BCPG”), the generator and seller of electrical power from renewable sources, held the signing ceremony of the underwriting agreement appointing Kasikorn Securities Public Company Limited, Tisco Securities Company Limited and Finansa Securities Limited as lead underwriters, and KGI Securities Public Company Limited, KT ZMICO Securities Company Limited, Maybank Kim Eng Securities (Thailand) Public Company Limited and Finansia Syrus Securities Public Company Limited as co-underwriters, of its IPO shares offering.
Mr. Manpong Senanarong, Managing Director of Kasikorn Securities Public Company Limited, as a financial advisor and lead underwriter, revealed that BCPG sets preliminary IPO offering price range of THB 9.8 – THB 10.0 per share and expected the IPO share subscriptions for BCP’s specific group of shareholders who are eligible for share allocation and general investors during 14 – 16 and 19 – 20 September 2016 and listing on SET within September 2016.
Mr. Kittipong Lertvanangkul, President of Finansa Securities Limited, as a financial advisor and lead underwriter, said that BCPG will offer its newly issued ordinary shares of 590 million shares, or 29.6% of the company’s post-IPO registered and paid-up capital. And after IPO, BCPG’s paid-up capital will be THB 9,950 million, with par value at THB 5 per share.
BCPG will allot its IPO share (i) up to 68.85 million shares (11.69% of the IPO shares) to BCP’s specific group of shareholders who are eligible for share allocation and (ii) the remaining to the general investors. Any remaining shares from the allotment and offering in (i) will be reallocated to the subscription by the general investors in (ii).
Mr. Pitada Vatcharasiritham, Director of Tisco Securities Company Limited, as a lead underwriter, commented that BCPG generates and sells electrical power from renewable sources and invests in companies that generate and sell electrical power from renewable sources both domestically and internationally - directly and through shareholding in subsidiaries. According to its plan, BCPG will use the funds raised from the IPO in its renewable power business expansion, both domestically and internationally.
BCPG’s clear goal to invest in renewable power businesses globally coupled with highly qualified personnel, extensive experience and great expertise in renewable power plant business in Thailand and Japan will enable the company to achieve robust growth. And its dividend policy with payout ratio of no less than 40% of net profits will ensure investors an operational capability of BCPG and attract their interest in its IPO shares subscription.
Mr. Bundit Sapianchai, President of BCPG, noted that BCPG, a member of BCP Group, was established as part of a structuring plan to support future business expansion in renewable power business of BCP group. In 2015, BCPG acquired a commercially operating solar power plants with an aggregate contracted capacity of 118MW from BCP, before continuously expanding its investments in renewable power plant projects both domestically and internationally.
BCPG seeks to expand its total installed capacity to 1,000 MW by 2020, with an open investment policy to create new renewable energy sources to the world; through investing by its wholly owned subsidiaries, co-investing with business alliances to develop renewable power plant projects, or fully or partially acquire ownership in operating projects, projects under construction, or projects under development.
BCPG’s president added that at present, the company’s solar power plants in Thailand have an aggregate contracted capacity of 130 MW, consisting of projects that are commercially operating (118 MW) and projects under development (12 MW). It also has solar power plants in Japan with an aggregate contracted capacity of approximately 194 MW consisting of projects that are commercially operating (20 MW) and projects under development (174 MW).
“Our ambition is to be an international generator and seller of electrical power from renewable sources with multinational presence. We will partner with local and international firms or organizations to creatively co-develop new renewable sources by investing in various sources of renewable power plants, including solar, geothermal, wind-energy, biogas, biomass, and waste-to-energy power plants, that employ advanced, eco-friendly technologies to ensure sustainable growth”, he said.