Bangkok Metro's underwriters have bought 976 million initial-public-offering shares in the company, accounting for 35.43 per cent of the 2.75 billion offered shares remaining from the subscription, according to Securities and Exchange Commission data released yesterday.

The subway operator said in its prospectus that there were 17 underwriters for the IPO: Kim Eng Securities (Thailand), SCB Securities, Thanachart, Siam City, Ayudhya, Kasikorn, Globlex, Sicco, Trinity, Tisco, TMB Macquarie, Bualuang, BFIT, Prudent Siam, Far East, Finansa, and Merchant Partners.

Bangkok Metro launched its IPO in September by issuing 2.75 billion shares at a price of Bt1.31 each. After Rayong Refinery, it was the second-largest IPO deal so far this year with a fund mobilisation of Bt3.6 billion.

The securities watchdog's data stated that 41 local institutions had subscribed to a combined 992.15 million IPO shares of Bangkok Metro, representing almost 36 per cent of the offered stock, while two foreign institutions had bought a total of 580 million shares, or 21.04 per cent.

The Bangkok Metro IPO is the largest this year in terms of the number of shares left over from the subscription, later being bought by underwriters instead.

The stock briefly dipped to a trough of Bt1.06 on its debut on September 21 - the day that the stock market resumed operations after the September 19 coup - while its highest level to date is Bt1.31. The stock closed yesterday at Bt1.23.

 Apart from Bangkok Metro, another six companies which conducted IPO share sales this year had leftover stock that was later bought by underwriters.

The six are Forth Corp, Ekarat Engineering, City Steel, DSG International (Thailand), Thai Industrial & Engineering Service, and SEC Auto Sales and Services.

So far this year, 13 companies have made stock debuts on the Stock Exchange of Thailand and the Market for Alternative Investment (MAI).

 Meanwhile, SK Foods (Thailand) is  to delay its IPO until next year, saying it wants to wait for more favourable stock market conditions. The company plans to raise Bt100 million by allocating 5.7 million shares for listing on the MAI.