Thai shipowner Prima Marine is eyeing major fleet expansion after completing its THB 5.2bn ($157m) IPO in Bangkok.

The stock rose as much as 36% to THB 10.90 as it debuted on Thursday. The IPO price was THB 8 for each of 650m shares.

CEO Chanwit Anukkul said the company would use most of the IPO proceeds to buy tankers and other vessels to serve rising demand in Southeast Asia.