It's been reported that True is going to set up an fund to sell off its network infrastructure which will IPO at a minimum value of $2.26 billion.

A curious aspect of this IPO is that at least two thirds of the IPO will go to private individuals - not institutions. Is this because it's such a dodgy investment that the big boys wouldn't touch it with a bargepole? Is True relying on brand familiarity and the gullibility of private investors to raise the cash? Am I being too cynical? And is it something you'd consider investing in?

Story at:

http://dealbook.nytimes.com/2013/07/23/thai-billionaire-plans-2-3-billion-infrastructure-fund-i-p-o/?_r=0

http://www.ft.com/cms/s/0/9541191a-f36e-11e2-b25a-00144feabdc0.html

http://www.financeasia.com/News/351012,thailand8217s-true-plans-spin-off-of-network-assets-into-infrastructure-fund.aspx

"wall" and "writing" are the words that come to mind.

True executives (or their existing shareholders) aren't as self-delusional as I thought!

the dodginess is True trying to use towers that they got through concession, not towers that they own outright. They do own some outright, but not all the 13000 they are claiming

But make no mistake about it, this is a game changer. What has crippled True is its debt. With this infra fund, they will be able to pay off their old debt, borrow again from SCB, invest like crazy in 4G on their old 850 spectrum, and then kill off their competition by pricing it UNDER the 3G being offered by AIS/DTAC. They will battle like hell to make sure no concessions happen in the near future (so AIS/DTAC have no chance at building a 4G network).

AIS will do everything in its power to not let this happen. Its gonna get messy.