UPDATE 1

By Reuters Staff

2 Min Read

* Set IPO price at 21 baht/share to raise 13.6 bln baht

* Books multiple times covered with demand (Adds details, broad stock market)

BANGKOK, Oct 14 (Reuters) - Thailand's Banpu Power has priced its initial public offering at 21 baht per share, the top end of its indicative range of 18-21 baht, to raise 13.6 billion baht ($389 million), IFR reported on Friday.

Books closed a day earlier on Thursday and were multiple times covered with demand from local and institutional investors, IFR said quoting a source close to the transaction.

The IPO comprises a public offer of 438 million shares and a preferential offer of 210 million shares to shareholders of its parent Banpu Pcl, according to IFR.

The retail tranche will run as per schedule from Oct 18-20 and shares will list on the Stock Exchange of Thailand on Oct. 28, IFR said.

Company executives were not immediately available for comment.

Book-building process ended after the Thai stock market rebound on late Thursday and extended gains, rising more than 3 percent on Friday morning on hopes that the country will remain calm after the death of revered King Bhumibol Adulyadej on Thursday.

Banpu Power originally planned to announce the IPO price next Monday.

Banpu Power has stakes in conventional and renewable power plants with generating capacity of 1,883 megawatts, including solar power plants in China and Japan.

Credit Suisse Private Bank and Capital Research have agreed to buy 110 million shares as cornerstone investors. This tranche is part of the public offer, IFR said.

Bualuang Securities, Credit Suisse, CIMB, Kasikorn, Quant and Thanachart Securities are the banks on the transaction. ($1 = 34.8800 baht) (Reporting by S. Anuradha of IFR; Additional reporting and writing by Khettiya Jittapong; Editing by Sam Holmes)

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