Thai Beverage Said To Plan SG IPO Of Beer Assets To Raise Up To $3b

Thai billionaire Charoen Sirivadhanabhakdi’s Thai Beverage (TBEV.SI) is planning a Singapore IPO of some of its regional beer assets in a float that could raise $2 billion to $3 billion next year, a source familiar with the matter said on Friday.

The Singapore-listed company has tapped banks for the listing of a unit which could house its beer assets in Vietnam and Thailand, a source said on condition of anonymity as he was not authorized to speak to the media. Details of the fund raising have not been finalised, he said.

Thai Bev’s shares were put on a trading halt pending an announcement after the stock rose 5.2 percent.

A Singapore IPO of just over $2 billion would make it the biggest in the city-state in about six years, while an issue of more than $3 billion would rank as the largest since 2010, according to Refinitiv data.

Thai Bev did not immediately respond to a query from Reuters.

Citing unnamed sources, Bloomberg earlier reported that ThaiBev is said to consider a Singapore IPO of its brewery business that could value its unit at as much as $10 billion.

Reuters