Ngern Tid IPO Raises $1.1 Billion in Year’s No. 2 Thai Sale (1)

Thailand’s Ngern Tid Lor Pcl and its shareholders raised 33 billion baht ($1.05 billion) after the microfinance company priced its initial public offering at the top end of its marketed range.

Auto-for-cash loan provider Ngern Tid Lor, whose name translates to “money on wheels,” priced the offering at 36.5 baht a share, Bank of Ayudhya Pcl, its biggest shareholder, said in an exchange filing on Tuesday. Shares were marketed at 34 baht to 36.5 baht per share.

Ngern Tid Lor sold 210.8 million new shares in the IPO, while Bank of Ayudhya and Siam Asia Credit Access Pte offered ...