Gulf Energy Development PLC Announces Final IPO Price at 45.0 Baht per share Top of the Initial IPO Price Range

Wednesday 22 November 2017 12:21
Gulf Energy Development PLC, one of Thailand's largest independent power producers, announced the final IPO price at 45.0 baht per share, the top of the initial IPO price range of 40.0-45.0 baht per share, as institutional investors indicated their subscription demands exceeded the allotment. The oversubscription signaled the investors' confidence in the Company's potentials and its gas-fired power plant development plan, which will allow it to gain prominence among Thailand's major independent power producers. The Company's shares are expected to begin trading on 6 December under the ticker GULF.

The Lead Underwriters, including Kasikorn Securities Public Company Limited, SCB Securities Co. Ltd. and Bualuang Securities Public Company Limited, revealed that Gulf Energy Development Public Company Limited ("GULF" or "the Company") had set the initial IPO price range at 40.0-45.0 baht per share for the retail subscription period during 17, 20 and 21 November 2017, when each of the shares would be available for subscription at 45.0 baht per share, the upper end of the price range. Meanwhile, the underwriters launched a book-building process and found that local and international institutional investors indicated their subscription demands exceeded the allotment by 18 times at 45.0 baht per share. The final IPO is therefore set at 45.0 baht per share. The overwhelming response reflects that the investors are confident in the management's vision and the Company's business fundamentals in the power industry which tends to grow promisingly in the future. The Company also has many new projects in the pipeline that will constantly commence their commercial operations. These, consequently, highlight GULF as an outstanding high-growth independent power producer in Thailand.

The Company's shares are expected to begin trading on 6 December under the ticker GULF.

Mrs. Porntipa Chinvetkitvanit, GULF's President, expressed sincere thanks to the local and international institutional investors as well as the retail investors for their positive responses to the Company's IPO and added that GULF is committed to implement its business plans successfully in order to generate decent returns for investors. Currently, the Company has gas-fired power and rooftop solar projects in operation with a total installed capacity of 4,772.1 MW and is developing a number of gas-fired power projects to add another 6,353.6 MW to its existing portfolio by 2024.