ThaiBev Shares Jump On Brewery Unit’s Revived Singapore IPO
(Bloomberg) -- Thai Beverage Pcl's shares jumped as it revived the initial public offering of its brewery unit in Singapore, after shelving the plan twice due to the coronavirus pandemic.
The company intends to resume the listing of BeerCo. and will conduct a public offering of as much as about 20% of the unit, according to a filing to the Singapore exchange on Thursday that confirmed an earlier Bloomberg News report.
ThaiBev shares rose about 3% as of 3:47 p.m. in Singapore after gaining as much as 4.4% in their biggest advance since February. The company has a market value of S$17.6 billion ($12.8 billion).
ThaiBev is seeking about $800 million to $1 billion in the unit's IPO, according to people familiar with the matter, who asked not to be identified as the information is private.
The company had looked to raise about $2 billion for the stake in the unit at a valuation of around $10 billion, Bloomberg News reported in February. The reduced size of the IPO was first reported by Dow Jones.
A representative for ThaiBev couldn't immediately respond to a request for comment.
The maker of Chang beer, controlled by Thailand's richest person, Charoen Sirivadhanabhakdi, previously halted plans for the IPO in May 2020 due to the country's lockdown in the early days of Covid-19. A second effort was thwarted by the worst wave of the country's outbreak.
The brewery arm contributed 29% to profits after tax at the parent company in the financial year ended Sept. 30, 2021, according to the statement.
Should the IPO finally go ahead, at $1 billion it would be Singapore's biggest since NetLink NBN Trust's $1.7 billion offering in 2017, according to data compiled by Bloomberg.
ThaiBev has received confirmation from the Singapore exchange that the no-objection letter will continue to apply.
©2022 Bloomberg L.P.
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