Thai renewable energy firm BCPG files for IPO to mop up over $85m

Visual from Bangchak Petroleum website

BCPG Pcl, a renewable energy unit of Thailand’s oil refinery Bangchak Petroleum Pcl (BPC), expects to raise over 3 billion baht ($85 million) from selling not exceeding 600 million shares in an initial public offering (IPO) in the third quarter.

The IPO shares makes up for 30 per cent of its registered and paid capital at the par value of 5 baht apiece, according to the company’s filing to the Office of the Securities and Exchange Commission.

Most of the proceeds will be poured into aggressive investment in renewable energy projects domestically and internationally, BCP president Chaiwat Kovavisarach said.

The company has 14 solar power plants, some of which are under construction, and it is in talks to co-invest in one more solar farm in Japan.

Additionally, it is also evaluating to invest in other types of renewable energy such as geothermal power generator, wind turbine, biogas, biomass and waste-to-energy power plants. He said, it could develop the projects itself or acquire existing ones in Thailand and overseas particularly in North Asia.

The filing cited that some of the IPO shares will be offered to BPC’s existing shareholders and the remaining will be sold to the public. It has appointed Kasikorn Securities, Finansa Securities and Tisco Bank as financial advisors to IPO, and it has a policy to pay dividend not less than 40 per cent of the net profit.

To date, BCPG has 47 affiliates, of which six are in Thailand with a combined electricity generating capacity of 118 MW while 41 are  overseas with capacity of 164 MW.

It reported net profit of 2.08 billion baht in 2015, increasing from 1.86 billion baht in 2014. The net profit margin is around 68.6 per cent.

It has a registered capital of 10 billion baht, divided into 2 billion ordinary shares at the par value of 5 baht. It has a paid-up capital of 7 billion baht, divided into 1.4 billion shares.

Also read:

Thailand: Renewable power co BCPG to list 170m IPO shares in Q3/16

Thailand: Bangchak Petro unit snaps up SunEdison’s solar biz in Japan for $80m

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

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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.