Following the success of Bangkok's skytrain IPO, Thailand's Jasmine International Pcl stated on Monday it plans to raise 50-70 billion baht ($1.6-2.2 billion) by listing an infrastructure fund for its broadband Internet business.

The initial public offering (IPO) of the fund will happen by the end of this year and the money raised will be used to expand its broadband Internet business and fibre optic network, the company said in a statement.

Jasmine International Pcl plans to keep about one-third of the fund with an estimated investment of 16.7-23.3 billion baht (US$500 - 720 million).

Jasmine is the latest Thai firm to announce plans to raise money by transferring assets to an infrastructure fund.

Rival True Corporation, recently also announced it would list an infrastructure fund, seeking to raise THB 70 million ($2.25 billion).True Corp is majority-owned by Thai billionaire Dhanin Chearavanont's CP Group.

Two Thai power firms plan to raise a combined 11.7 billion baht ($383 million) via an IPO of separate infrastructure funds in the second half of this year.

BTS Group Holdings PCL from Thailand raised up to $2.1 billion in an IPO of its skytrain business through the infrastructure fund model.