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Sri Trang Agro-Industry Pcl (STA.BK), the world’s biggest rubber producer and exporter, plans to raise $336 million in an initial public offering in Singapore, according to a term sheet seen by Reuters.
After a flurry of confusing statements on Wednesday, when the company first said it had scrapped the IPO because of unfavourable market conditions and then corrected itself, it set a price of $1.20 per share for the IPO.
That was well below the maximum $1.60 it had announced before book-building.
“We expect the share trading day is likely to be Monday. The deal’s now completed,” Kittichai Sincharoenkul, an executive director, told Reuters.
The IPO pricing had been expected on Monday, Jan. 24, but was delayed by stock market volatility. Sri Trang had initially announced plans for a dual listing in May and it was scheduled for September, but global market uncertainty caused a delay.
The Singapore price is equivalent to about 29 baht, a sizable discount to its share price in Bangkok, which stood at 33 baht at the midsession break, down 10% from Friday’s close.
