Jasmine IPO raises USD1.13bn

5 Feb 2015

Reuters reports that Thai telecommunications group Jasmine International has raised THB36.7 billion (USD1.13 billion) in the initial public offering (IPO) of its Jasmine Broadband Internet Infrastructure Fund, which will begin trading on the Stock Exchange of Thailand (SET) on 16 February with a total value of USD1.7 billion. A third of the fund’s units were subscribed by Jasmine while around 27% were offered to domestic investors and 40% to foreign investors. In a filing to the SET, Jasmine said it will transfer its fibre-optic network to the fund and will use proceeds from the IPO to expand the broadband local access network used by its subsidiary Triple T Broadband; the fund will own 980,000 core kilometres of optical fibre that can cover 5.1 million households, which will be rented to provide broadband services, according to the fund’s prospectus. The company aims to invest THB10 billion in the three-year period 2015-17 to expand high speed internet coverage and targets two million subscribers this year. TeleGeography’s GlobalComms Database says that Triple T narrowly overtook state-run TOT as Thailand’s second largest fixed broadband access provider last year, with more than 1.6 million connections in service by the end of September 2014 after adding 127,000 subscribers in six months.

Thailand,Triple T Broadband (3BB),

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