CRC shares steady on debut

21-Feb-2020 Intellasia | BangkokPost | 6:02 AM Print This Post

The share price of SET-listed Central Retail Corporation Plc (CRC) held steady during the first day of trading Thailand’s largest-ever market capitalisation equity on Thursday, amid sentiments blighted by the Covid-19 epidemic.

The price stood at 42 baht per share at the end of the morning trading session, equalling the IPO price.

CRC share price moved within a range of 41.50-42.25 baht in turnover averaging 6.5 billion baht.

CRC is reportedly raising 78.1 billion baht in funds after setting the IPO price at 42 baht per share for no more than 1.69 billion IPO shares and an over-allotment option of 169 million shares.

CRC, Thailand’s biggest retailer and the retail arm of Central Group, is a holding company investing in multi-format and multi-category retail platforms in Thailand, Italy and Vietnam.

The current share price is acceptable amid lacklustre sentiment in equity trading given several organisations have revised down Thailand’s GDP growth outlook this year, according to executives from Phatra Securities and Bualuang Securities, CRC’s main underwriters.

A greenshoe option of 169 million shares, representing 10 percent of total IPO shares, can be exercised when the IPO price trades below 42 baht per share and must be exercised within 30 days.

If such option is exercised, it would be on a gradual basis in accordance within stock market conditions, said Anuwat Ruamsuke, managing director of Phatra Securities.

The SET index, meanwhile, plunged 12.83 points or 0.85 percent from yesterday’s close of 1,505.54, to close at 1,492.71 points when the morning trading session ended in turnover worth 44 billion baht.

Shares of Airports of Thailand Plc saw the most sell-off, down 5.2 percent from yesterday, followed by Siam Commercial Bank (-4.2%) and Kasikornbank (-1.8%).

Stocks came under pressure after Japan reported two deaths from the coronavirus and cases in South Korea jumped, spurring concerns about the spread of the disease outside China, Bloomberg reported.

https://www.bangkokpost.com/business/1861859/crc-shares-steady-on-debut

 


Category: Thailand

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