Gulf Energy Development Pcl (GULF), a Thai independent power producer is looking to go for an initial public listing at the Stock Exchange of Thailand in order to raise funds by the end of this year.
Financial advisors that will be leading the IPO include Kasikorn Securities, Bualuang Securities, and Siam Commercial Bank. The power producer plans to issue up to 533.3 million shares, which is equivalent to 24.99 percent of the company’s post-IPO paid up capital.
GULF currently has a total registered capital of 10.67 billion baht (about US$318.4 million). This is further divided into 2,133 million ordinary shares at a par value of 5 baht a piece and a paid-up capital standing at 8 billion baht with 1,600 million ordinary shares.
The company will use the IPO proceeds to fund its investment projects and provide loans to its subsidiaries and associates. While the remaining capital will then be used for debt repayment, redemption of debentures, and bills of exchange issued by the company as well as working capital and other general corporate purposes.
GULF is a holding company with a portfolio of electricity, steam, and chilled water generating power projects and other related businesses.
The company has a total installed capacity of 4,772.1 megawatts from gas-fired power plants and solar projects as of November 1, 2017. It targets to boost its total installed capacity to 11,396.2 megawatts by 2024.
Porntipa Chinvetkitvanit, the president of Gulf said, “We have extensive experiences and expertise in the industry and strong partnerships for power plant development. We aim to become one of the leading gas-fired independent power producers in the region.”
Along with various partnerships in Japan, GULF also holds a 9.09 percent equity interest in SPCG, one of the largest generators and distributors of solar power in Thailand, and a 0.46 percent equity interest in EDL-Generation, a generator and distributor of electric power in Laos.
The Stock Exchange of Thailand earlier targeted the IPO market capitalization at 280 billion baht this year. However president Kesara Manchusree said it would probably reach 300 billion baht, following a few large-sized IPOs including GULF, TOA Paint (Thailand), and Thonburi Healthcare Group in the fourth quarter.