Bangkok SkyTrain fund to raise up to $1.4 billion from public investors

The institutional bookbuilding will kick off today for Thailand’s first infrastructure fund IPO, but sources say a large portion of the deal has already been sold to 20 cornerstone investors.

Based on the indicated price range, BTS Rail Mass Transit Growth Infrastructure Fund BTSGIF is seeking to raise between Bt40.04 billion and Bt41.58 billion $1.35 billion to $1.4 billion from public investors, according to sources who were citing a prospectus filed with the Thai stock exchange on Friday.

Of that, the cornerstones will take up approximately $818 million worth of units at the bottom of the indicated price range, or close to 60% of the public...