B.Grimm Power owns and operates a number of gas- and diesel-fired and solar plants and sells electricity under power purchase agreements (PPAs) in Thailand and Vietnam. It was also looking to expand its business into Indonesia and Laos. As part of its plans to raise funds through an initial public offering (IPO), it needed an independent consultant to prepare a report which provided a “true and fair view” of the electricity sectors in which the company operates.
IPA, in conjunction with AWR Lloyd, prepared a detailed Independent Market Research report which included an assessment of the supply/demand dynamics, the competitive environment and the regulatory framework in Thailand, Indonesia, Vietnam and Laos. The study included:
We provided ongoing support through the filing process including addressing questions for key stakeholders and delivering an update to the report to reflect regulatory and market developments in all four markets during the intervening period. The report was published as part of the offering circular for the company’s IPO in March 2017, and the IPO raised an estimated US$340m and the company’s shares were listed and started trading on the Stock Exchange of Thailand on 19 July 2017.