Bangkok Life Assurance, an affiliate of Thailand's Bangkok Bank, is planning to raise approximately THB2.8 billion in an initial public stock offering in September 2009, reported Reuters. The proceeds are expected to accommodate fund expansion.

The company will sell approximately 200 million shares, each worth around THB12.50 to THB14, from September 7, 2009 to September 11, 2009.

Capital Nomura Securities is serving as the financial adviser for the initial public offering (IPO). The insurer postponed a previously planned IPO in 2008 due to the global crisis and local politics, reported the news source.

Chan Vathanakul, president of Bangkok Life Assurance, was quoted by The New York Times, as saying: "It is agreed by the public and private sectors that the economic crisis has bottomed out and there are signs of sustainable recovery. The stock exchange's condition reflected the recovery and investor confidence. Coupled with the company's continued growth, we are confident that investors will warmly welcome the IPO."



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