White & Case, Shearman on $1.7B Thai Telecom IPO
Jasmine International is spinning off its fiber-optic cable business to raise money for the expansion of its national broadband network.
February 11, 2015 at 10:22 PM
2 minute read
White & Case and Shearman & Sterling led the $1.7 billion initial public offering of a new telecommunications infrastructure fund spun off from Thailand's second-largest high-speed internet provider.
Jasmine International Plc., which sits behind True Corp. Pcl. with a near 30 percent share of the Thai broadband internet market, has transferred its fiber-optic cable business into the newly created Jasmine Broadband Internet Infrastructure Fund. The IPO was completed on Feb. 4, with Jasmine International retaining a third of the shares in the new fund. Shares are expected to begin trading on the Stock Exchange of Thailand on Feb. 16.
The fund will use the money to purchase the cable being transferred from Jasmine International and for working capital. Jasmine International plans to leverage the cash from the sale of the cable to grow its core broadband business.
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