Bangkok Airways Pcl, Thailand’s oldest private carrier, is seeking as much as 14 billion baht ($430 million) in the country’s third-biggest initial public offering this year.

The company is selling as many as 520 million shares at 23 baht to 27 baht apiece, according to a regulatory filing with the country’s Securities & Exchange Commission dated today. It plans to offer the shares to investors from Oct. 14 to Oct. 24, the filing shows.

The carrier will use the IPO proceeds to expand its fleet of planes and renovate airport facilities, according to the filing. First-time share sales in Thailand have raised $2.2 billion this year, compared to $3.7 billion the same period in 2013, data compiled by Bloomberg show.

Bangkok Airways will spend as much as 9.5 billion baht of the proceeds to buy new airplanes through 2017, according to the filing. It will spend another 1.5 billion baht on aircraft engines and parts, while about 2 billion baht will be used to construct new maintenance facilities in Bangkok and improve the company’s airport on the resort island of Koh Samui.

Bualuang Securities Pcl, DBS Vickers Securities (Thailand) Co. and Credit Suisse Group AG are arranging the share sale. Bangkok Airways, which began flights in 1968, has permits for 20 major domestic routes and serves overseas destinations including Myanmar, Singapore and the Maldives, according to its website.

The company owns three airports and offers services to other airlines including meal catering, ground handling and cargo services, it said in a Sept. 22 filing. It also holds a 7.8 percent stake in hospital operator Bangkok Dusit Medical Services Pcl, the filing shows.

Thai Hotel Investment Freehold & Leasehold Property Fund, a property fund controlled by billionaire Charoen Sirivadhanabhakdi, in May raised 26.2 billion baht in the country’s biggest IPO of the year.

To contact the reporters on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net; Joyce Koh in Singapore at jkoh38@bloomberg.net. To contact the editors responsible for this story: Michael Patterson at mpatterson10@bloomberg.net.

Photo Credit: A Bangkok Airways plane. Aero Icarus / Flickr