Shares of SET-listed VGI opened in the market at 7.60 baht, rising by 11.76 per cent or +0.80 baht on Thursday morning, as the price reached the ceiling due to the Kerry Express Thailand (KEX) IPO filing.
On Wednesday, VGI shares hit the ceiling at 6.80 baht per share after Kerry Express Thailand (KEX) announced an IPO of 300 million shares with the transaction value at 768 million baht.
The sharp surge resulted due to its pent-up demand from Wednesday and also its warrant, VGI-W2, which are convertible by September 10, 2022, at the price of 10 baht per share.
The warrant, VGI-W2, received a growth in line with its parent’s company, increasing up by 51.30 per cent or 0.34 Baht on Wednesday. The warrant still continued to climb up by 15.15 per cent or +0.15 baht on Thursday market at 10:10 a.m.
Kerry Express Thailand had more than 15,000 service centres in 77 provinces. It contains nine large parcel sorting centres, over 1,200 sub-distribution centres and over 25,000 delivery vehicles, according to data from June 30.
The proportion of major shareholders in Kerry Express Thailand will be diluted after the distribution of IPO shares. VGI, who owns 23 per cent of Kerry Express Thailand, will be diluted to 19 per cent.
As of 10:30 a.m. on Thursday morning’s session, VGI shares were at 7.40 baht per share, increasing to 0.60 baht or +8.82 per cent.
