Nok Air raises $118m, shares climb 1.9% on debut

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nok air attendantsThailand’s low-cost carrier Nok Air began trading its shares in an initial public offering on the Stock Exchange of Thailand on June 20, raising $118 million and seeing the share price climb 1.9 per cent on the first trading day.

Shares began trading at 26.75 baht, up from the IPO price of 26 baht, and closed the session at 26.50 baht. On June 21, the share price reached the 27 baht level.

Nok Air’s CEO Patee Sarasin said he was “pleased with the results.” Even though the market is uncertain, he believes Nok Air’s shares will “attract investment for the long term.” Some analysts projected its price would go up to 44 baht this year.

Patee said the company was committed to paying a dividend of at least 25 per cent of net profit. In the first quarter of 2013, the carrier’s net profit was 425.3 million baht ($13.72 million) on sales of 2.81 billion baht ($90.64 million). Last year, it netted 504.7 million baht on revenue of 8.21 billion baht.

Nok Air eyes to carry more than 5 million passengers in 2012, up from 4 million in 2013.  The company’s main shareholders are Thai Airways International with 39.2 per cent, followed by Aviation Investment International with 10 per cent and Laddawan Fund Co with 4.8 per cent.

 

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Reading Time: 1 minute

Thailand’s low-cost carrier Nok Air began trading its shares in an initial public offering on the Stock Exchange of Thailand on June 20, raising $118 million and seeing the share price climb 1.9 per cent on the first trading day.

Reading Time: 1 minute

nok air attendantsThailand’s low-cost carrier Nok Air began trading its shares in an initial public offering on the Stock Exchange of Thailand on June 20, raising $118 million and seeing the share price climb 1.9 per cent on the first trading day.

Shares began trading at 26.75 baht, up from the IPO price of 26 baht, and closed the session at 26.50 baht. On June 21, the share price reached the 27 baht level.

Nok Air’s CEO Patee Sarasin said he was “pleased with the results.” Even though the market is uncertain, he believes Nok Air’s shares will “attract investment for the long term.” Some analysts projected its price would go up to 44 baht this year.

Patee said the company was committed to paying a dividend of at least 25 per cent of net profit. In the first quarter of 2013, the carrier’s net profit was 425.3 million baht ($13.72 million) on sales of 2.81 billion baht ($90.64 million). Last year, it netted 504.7 million baht on revenue of 8.21 billion baht.

Nok Air eyes to carry more than 5 million passengers in 2012, up from 4 million in 2013.  The company’s main shareholders are Thai Airways International with 39.2 per cent, followed by Aviation Investment International with 10 per cent and Laddawan Fund Co with 4.8 per cent.

 

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