Thai Distressed Asset Manager BAM Plans To Raise Up To $888m In IPO

Friday November 22, 2019.

Bangkok, Thailand. Photo: Pixabay

Bangkok Commercial Asset Management (BAM), Thailand’s largest distressed debt management company, is pricing shares for its initial public offering (IPO) next week at 15.5-17.5 baht ($0.51-$0.58), the company said on Friday.

The IPO planned for Nov. 25-29 aims to raise 23.7 billion to 26.8 billion baht ($785 million-$888 million).

The proceeds will be used to buy non-performing assets from financial institutions, part of its normal operations, as well as for paying back debts to financial institutions and refinancing its maturing bonds by the end of 2020.

The company has set a target to sell 73% of shares to institutional investors and 27% to retail investors.

Reuters

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