The initial public offering IPO of General Environmental Conservation Public Co Ltd GENCO, Thailand's first new listing in three years, was oversubscribed by less than 10%, according to Chaiwat Kovavisarach, director at lead arranger SG Asia Credit Securities.
Of the 10 million new shares offered at Bt30 each, 45% went to institutional investors, 30% was sold to retail investors via the eight co-arrangers involved in the deal and 25% was picked up by walk-in retail investors. Originally, it was hoped this latter group of investors would take nearer to 40% of the shares on offer, but demand proved insufficient and so allocations for the other two groups were increased. Presale commitments from...
