Thai distressed asset firm BAM seeks to raise $1.2b in IPO

State-owned Bangkok Commercial Asset Management Pcl, Thailand’s biggest manager of distressed assets, is looking to raise as much as 35 billion baht ($1.2 billion) in its coming initial public offering, according to people familiar with the matter.

BAM, a unit of the central bank, expects to raise between 32 billion baht and 35 billion baht based on initial indicative price range, said one of the people, requesting anonymity because the matter is private. The company, which began gauging investor demand for its IPO this week, is tentatively planning to start a domestic roadshow next week and an international one from Nov. 25, another person said.

BAM plans to offer as many as 1.77 billion shares in the IPO, reducing the central bank’s stake to as low as 45.6%, according to its IPO filing.

Details of the offering including timeline and size could still change as deliberations continue, the people said. The indicative price range could be higher due to strong investor demand, one of the people said. A representative for BAM didn’t immediately respond to requests for comment.

BAM had net income of 4 billion baht in the January-June period, compared with 2.15 billion baht in the same period a year earlier, according to the filing. The fundraising target for the IPO is higher than the $700 million that Bloomberg reported last year, citing people with knowledge of the matter.

Bloomberg

Singapore Reporter/s

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.

Singapore Reporter/s

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.