Thailand’s second largest distributor of liquefied petroleum gas (LPG) Siam Gas and Petrochemicals PCL said it will raise 2.24 billion baht ($69.1 million) from an initial public offering next month.

The company has set its indicative IPO price range of 7.5-8.5 baht a share.

“The stock should trade on the Thai stock market on June 3,” said Prasert Patradhilok, president of Advisory Plus, a financial advisor candidate for Siam Gas’ IPO.

Siam Gas’ IPO had been expected last November but was delayed while it awaited approval from regulators.

Siam Gas, which sells LPG for homes, cars and industry, plans to sell 280 million shares, about 29 percent of its 950 million baht registered capital, to expand its network of service stations and repay debt.

Some of the proceeds will also be invested in an LPG terminal in Vietnam, a growing market for the fuel.

Siam Gas, which controls 32 percent of the Thai LPG market after top energy firm PTT with 48 percent, expects a double-digit increase in profit and revenue this year as demand rises in line with oil prices hitting a record high of $126 a barrel.

The firm’s net profit jumped more than 80 percent to 442 million baht last year on revenues of 14.9 billion baht, helped by demand for cooking gas, which accounts for half of the company’s sales.