Shares in VGI Global Media Pcl surged as much as 73percent at their market debut as a strong prospect ofadvertising income attracted investors, brokers said.
VGI shares were up 60.7 percent at 56.25 baht, far abovetheir IPO price of 35 baht and outperforming the media subindex, which was down 0.16 percent. The broader SET index
edged down 0.06 percent.
The media firm said its net profit for three months endedJune 30 nearly doubled to 160 million baht ($5.21 million). VGIprovides media service in the mass transit, department store andoffice building sectors.
Broker Asia Plus Securities rated the stock a 'buy', withtarget price of 50 baht, based on 20 times forward price toearnings versus 18.6 times for the media sector.
VGI raised 3.08 billion baht in initial public offeringearly this month, the second-biggest IPO on the main Bangkokexchange this year, after Asia Aviation Pcl's 4.5billion baht IPO in May.
1106 (0406 GMT) For the company statement, click (Reporting by Viparat Jantraprap and WiratBuranakanoktanasarn in Bangkok;email@example.com); Editing by JijoJacob ($1 = 30.725 baht)
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