Lion’s Share scooped Up by 20 big Investors

Kamol Leosivikul, president of Mida Assets, topped the list of investors purchasing new shares of TPI Polene in January, according to papers filed with the Securities and Exchange Commission.  Mr Kamol purchased a total of 10 million shares for 370 million baht, or 3.33 percent of the total offering.  The country’s third largest cement producer floated 300 million shares for 37 baht each and a par value of 10 baht each in its public offering from Jan 15 to 19. The lead underwriter was Tisco, with another 21 brokers as co-underwriters.

Manit Napormarobdi was second among retail investors receiving shares at four million, followed by Chermchai Mahkijsiri at three million shares, Nattapong Pantaratanamongkol at 2.2 million and Sompong Chalakadeidamrongkul, better known as Sia Poo, receiving 2.07 million shares. Paitoon Techadanai received two million shares, Wijitra Ratanapien 1.6 million, Pong Laoworawit 1.52 million and Kingtien Bang-or 1.5 million.  According to the SEC, the top 20 investors received a total of 14.58 percent of the share offering, equal to 43.7 million shares worth 1.6 billion baht.

Among institutional investors, the Social Security Fund received the largest allocation at three million shares, followed by Siampan Wattana at two million, Quam Securities Nominees at 1.81 million, UOB Kay Hian Private 750,000 shares and ABN Amro Millennium Growth Fund at 678,000 shares.  The top 20 institutional clients were allocated a total of 12.8 million shares, or 4.27 percent of the total offering and valued at 474 million baht.

Investors have been increasingly vocal in their complaints that new shares offered through an initial public offering or capital increase were being held back by brokers in favour of large investors, institutions or the politically connected.  Local brokers have competed heavily for new listing mandates in order to boost their allocations for their clients, given their popularity among investors looking to take advantage of sharp price gains following the first day of listing.