Thailand-based packaging solutions provider SCG Packaging has fixed a price range for its initial public offering (IPO) this year.

According to its filing with the office of the Securities and Exchange Commission (SEC) on 21 September, the price range has been set between THB33.50 ($1.07) and THB35 ($1.12) per share for 1.13 billion newly issued ordinary shares in its IPO.

The company is seeking to raise at least THB39.5bn ($1.72bn). Final pricing will be announced in October.

It will also allocate up to 169 million newly issued ordinary shares “to the Over-Allotment Agent which is not more than 15% of the total number of the newly issued ordinary shares in this offering”.

The subscription period for SCG Packaging’s newly issued ordinary shares will be from 28 September to 2 October 2020. Domestic and foreign investors can take part in the bidding.

In May this year, SCG Packaging announced that it obtained SEC approval for its application for IPO.

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SCG Packaging is a subsidiary of industrial conglomerate The Siam Cement Public Company.

As at 13 May 2020, Siam Cement’s shareholder structure includes King Maha Vajiralongkorn as the biggest shareholder with 33.64% stake.

In March this year, SCG Packaging postponed its $1bn initial public offering (IPO) as a result of the coronavirus Covid-19 outbreak that continues to impact global financial markets.

In May last year, SCG acquired a 55% stake in Indonesia-based packaging paper maker Fajar Surya Wisesa (Fajar) for a total consideration of THB21.15bn ($665m).