Thai telecom group Jasmine International has completed a 36.7 billion baht ($1.12 billion) IPO of it infrastructure fund to help pay for the expansion of its high-speed broadband network.
The company has announced plans to invest 10 billion over the next three years to expand its broadband reach, Reutersreported.
With an offer price of 10 baht per unit, the IPO was Thailand's biggest since the listing of True Corp's telecom assets for $1.8 billion in December 2013.
Jasmine will transfer its 980,000km fiber network to the listed company, giving it a coverage of 5.1 million households.
The operator currently has around 1.6 million broadband customers, and is targeting 2 million subscribers this year.
Thailand's broadband market is fast-growing and has plenty of room for expansion – the current household broadband penetration rate is only 25%.