DTAC, Thailand’s second largest mobile operator by subscribers, will list on the Thai stock exchange on 22 June, the company has confirmed. The cellco, controlled by Norway’s Telenor, will launch the country’s largest initial public offering (IPO) for the year to date next week with the aim of raising between USD225 and USD270 million by floating 222 million shares, or 9.4% of its total stock. Sigve Brekke, DTAC’s chief executive, said the shares would be priced at between THB35 (USD1.1) to THB42 each and offered on 12 June and 13 June. ‘We will continue to forge ahead with our planned “People’s IPO” without concerns over the economic and political situation,’ he said, stressing that 65% of the offering would be made to retail investors. ‘We believe now is the best time for DTAC to list due to our strong financial health and business performance. Of the 222 million shares offered, 82 million are new and the remaining 140 million are being sold by shareholder vehicle Ucom. DTAC plans to use the capital raised from the offering for network expansion, while Ucom will use its proceeds to pay down debt. Retail investors can subscribe to the shares at any of the 1,500 branches of Kasikornbank and Siam Commercial Bank nationwide. Underwriters for the offering are SCB Securities, Kasikorn Securities and JP Morgan. DTAC will become the first company to be dual-listed on the Thai and Singaporean exchanges. According to TeleGeography’s GlobalComms database, the operator had 13.33 million mobile subscribers, or around 30% of the market, at the end of March 2007. It posted 2006 net profits of THB4.938 billion on revenues of THB42.962 billion, and has announced plans to pay a dividend in 2007 for the first time in a decade.