JAS Fund hopes to list upto $1b IPO this year

By Chalida Ekvitthayavechnukul

November 14, 2014

Thailand’s Jasmine International’s  (JAS) Broadband Internet Growth Infrastructure Fund plans to issue initial public offering (IPO) within this year.The fund by the Thai-based integrated telecommunication service provider will provide capital to expand the company’s optical fiber network.

The fund is waiting for clearance from the Securities and Exchange Commission (SEC) for the IPO that was delayed due to legal complications and political chaos in the Kingdom. Read more about the the Fund here.

According to IFR Report, the fund will start pre-marketing the IPO, of up to $1 billion, this month. It is targeting a yield of 7%-8%. However, the fund and its financial advisor and underwriter for the IPO Bualuang Securities, refused to confirm this.

Earlier, Jasmine International Plc planned to sell the fiber optic network, Access Node and Cable to the Jasmine Growth Fund. But in the latest shareholder’s meeting, the shareholders only approved the sale of the fiber optic network to the fund, according to Sudhitham Chirathivat, chairman of the company’s Board.

However, the fund’s capitalization is still expected to reach 55 billion-70 billion baht ($1.7 billion – $2.2 billion).

A source in JVS Financial Advisory Company Limited told DealStreetAsia that if Jasmine International can sell its asset to the fund, it will help to improve the financial status of the company and its subsidiaries.

However, he said that the rumor regarding the company’s legal troubles could negatively effect the confidence of both the domestic and the foreign investors. It could also impact the fund’s planned IPO .

One of the big legal cases against Jasmine International involves TT&T, which has filed a lawsuit against the company regarding it’s stake in Acumen (ACU). TT&T has demanded that ACU sell 69.4% of shares in Triple-T Broadband Company (TTTBB) to TT&T because it claimed that JAS’s purchase of TTTBB’s paid-up shares was unfair to TT&T.

JAS’s CEO Pete Bodharamik  had earlier said that even if the company was unable to raise funds through an IPO this year, it will continue expanding its broadband network. The company hopes to increase its broadband customer base from the current 1.6 million to two million by next year, through this expansion.

But if it can trade this year, some part of the money will be used to pay off debts on balance sheet and to pay dividend to the shareholders.

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
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