Thai Total Access Makes Modest Debut As Price Near Fair Value

BANGKOK -(Dow Jones)- Total Access Communication, Thailand's second-largest mobile phone operator by subscribers, Friday made a modest debut on the local bourse, as it priced the initial public offering shares too close to fair value, analysts said.

The debut of Total Access was within expectations and marked Thailand's first dual listing. The company is also listed in Singapore.

Total Access was the most actively traded stock on the Stock Exchange of Thailand and ended at THB41.75, up 4.4% from its IPO price of THB40, bucking the 0.5% fall in the SET index.

Total Access ended 1.5% lower at $1.30 in Singapore.

"The stock was priced near its fair value at the IPO, so there is not much room to rise further," said Poramet Tongbua, head of research at TISCO Securities.

Nine analysts polled by Dow Jones Newswires set a fair value for Total Access at $1.26 on average, or an equivalent of THB43.60, based on the close of the dollar Friday at THB34.595.

Seamico Securities estimated Total Access's market capitalization around THB100 billion, which places it among the 15 largest listed companies in Thailand.

Last week, Total Access IPO shares were fully subscribed only after the company allocated shares left unsold to retail players to institutional investors seeking to own a new blue chip.

The company last week raised THB8.88 billion in Thailand's largest IPO since Rayong Refinery PCL raised THB27.19 billion in May 2006

-By Rattaphol Onsanit, Dow Jones Newswires; 66 2266 0744; rattaphol.onsanit@dowjones.com

-Edited by Marissa Chew

(END) Dow Jones Newswires"

Posted to the site on 22nd June 2007