<article><a href="https://www.dealstreetasia.com/?s=gulf+energy">Gulf Energy Development Pcl (GULF)</a>, a Thai independent power producer, plans to issue up to 533.3 million shares in its initial public offering (IPO) by the end of this year.</article>

<a href="https://www.dealstreetasia.com/?s=gulf+energy">Gulf Energy Development Pcl (GULF)</a>, a Thai independent power producer, plans to issue up to 533.3 million shares in its initial public offering (IPO) by the end of this year.
The issued shares will be equivalent to 24.99 per cent of the company’s post-IPO paid up capital, according to its filing to the Stock Exchange of Thailand.
It cites it will use the IPO proceeds to fund its investment projects and provide loans to its subsidiaries and associates. The balance will be used for debt repayment, redemption of debentures and bills of exchange issued by the company as well as for its working capital and other general corporate purposes.
It has named Kasikorn Securities, Siam Commercial bank and Bualuang Securities to be financial advisors to the IPO.
GULF currently has total registered capital of 10.67 billion baht ($318.4 million), divided into 2,133 million ordinary shares at a par value of 5 baht apiece. The paid-up capital stands at 8 billion baht with 1,600 million ordinary shares.
GULF is a holding company with a portfolio of electricity, steam and chilled water generating power projects and other related businesses.  It has a total installed capacity of 4,772.1 megawatts from gas-fired power plants and solar projects as of November 1, 2017 and targets to boost its total installed capacity to 11,396.2 megawatts by 2024.
The Stock Exchange of Thailand earlier targeted the IPO market capitalisation 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.
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Gulf Energy Development Pcl plans to issue up to 533.3 million shares in its initial public offering by the end of this year.

Thai power producer GULF to tap IPO market to raise funds in Q4

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Thai power producer GULF to tap IPO market to raise funds in Q4

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