Investors greet Kerry Express IPO with vast oversubscription
Kerry Express, Thailand’s leading parcel delivery brand, has announced an initial public offering of 300 million shares at Bt28 per share, the highest price for IPO offering in this range.
The shares are expected to start trading on the Stock Exchange of Thailand on December 24 under the ticker symbol “KEX”.
Kerry Express had received very strong investor interest with more than 23 times oversubscription from institutional investors and approximately 10 times oversubscription from cornerstone investors.
Proceeds from the offering will be used for the expansion of Kerry Express’s delivery network as well as to enhance its operational efficiency by developing IT systems, repaying debts and increasing working capital for business operations.
SCB Securities and Maybank Kim Eng Securities (Thailand) are the company’s joint lead underwriters and joint bookrunners.
The two financial companies said the outcome reflects investors’ confidence in Kerry Express as the market leader in express parcel delivery.
Citigroup and Credit Suisse led the international sales of the IPO as joint bookrunners.
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