Thailand’s second largest cellco DTAC will float 44.4 million shares in an initial public offering (IPO) on the Stock Exchange of Thailand (SET) later this year, it said in a statement yesterday. It plans to issue 16.4 million new shares, whilst holding company United Communication Industry (Ucom), intends to sell another 28 million shares. DTAC said it had submitted a draft IPO prospectus to the Securities and Exchange Commission and the SET for their approval. It will remain listed on the Singapore Stock Exchange after the new float. DTAC CEO Sigve Brekke said yesterday that proceeds from the IPO would be used for ‘working capital and general affairs’ of the company. He declined to comment on a share price. Ucom reported to the SET yesterday that the 28 million ordinary shares it aims to offer were equivalent to 6.11% of DTAC’s current total shareholding and are worth about THB4.2 billion (USD112 million). The IPO would qualify DTAC for a 5% reduction in corporate tax, from 30% to 25%, in line with Finance Ministry incentives for encouraging Thai companies to list on the SET.