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ThaiBev Seeks More Modest Fundraising From Singapore IPO

ThaiBev said in a regulatory filing it has restarted work to list its regional beer unit, BeerCo, and would look to sell up to a 20% stake


The maker of Chang lager plans to raise from $800 million to $1 billion through the listing, down from an original $2 billion. File photo: AFP.

 

Thai Beverage (ThaiBev) will seek just half of its original fundraising target with a revived plan for a Singapore initial public offering (IPO) of its regional brewing operations.

The maker of Chang lager plans to raise from $800 million to $1 billion through the listing, down from an original $2 billion. The reduction is because of the impact of the Covid-19 pandemic and decreased market valuations, sources said.

Controlled by tycoon Charoen Sirivadhanabhakdi, ThaiBev is one of Southeast Asia’s largest makers of drinks. The company declined comment on the funding amount.

ThaiBev said in a regulatory filing that it had re-started work to list its regional beer unit, BeerCo, and would look to sell up to a 20% stake through the Singapore IPO.

Another source familiar with the matter said ThaiBev could end up raising about $800 million, adding that the launch of the IPO was subject to market conditions.

A successful IPO would mark one of the largest listings on the Singapore bourse in years.

BeerCo, which comprises Thai Bev’s brewing operations in Thailand and Vietnam, had initially planned a listing in early 2020 but that was derailed by the outbreak of the pandemic.

 

  • Reuters, with additional editing by George Russell

 

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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