Bangkok Airways' $401 mln IPO almost 2 times oversubscribed - underwriter

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BANGKOK (Oct 20): A $401 million initial public offering (IPO) of Thai full-service carrier Bangkok Airways PCL was almost two times oversubscribed by institutional investors, underwriter Bualuang Securities said on Monday.

Bangkok Airways, which describes itself as a boutique airline, is raising 13 billion baht ($401 million) by offering the public 520 million new shares, or a 24.8 percent stake, making it Thailand's largest IPO so far this year.

Bualuang Securities President Pichet Sithiamnuai also confirmed a Reuters report on Saturday stating the airline had priced the IPO at 25 baht a share, the middle of an indicative range of 23 to 27 baht.