Thai integrated food producer Betagro is said to be planning a 20 billion baht ($554 million) IPO, which could be Thailand’s second largest public listing this year, Bloomberg reported on Tuesday.
The report added that Betagro could launch the IPO as early as next month.
The company will offer no more than 500 million of its shares, or a 25% stake, according to an update from The Stock Exchange of Thailand’s (SET) website.
Kiatnakin Phatra Securities and Bualuang Securities are financial advisors to Betagro for the IPO.
Founded in 1967, Betagro started as an agro-business, providing animal feed products, and livestock including animal breeding and breed development as well as animal farm. The company has expanded its operations to food processing and pet business.
Betagro had total assets of 58.15 billion baht as of June 30, 2022. Its H1 2022 profit stood at 3.9 billion baht, compared to 1.17 billion baht in the same period last year, according to the firm’s financial statement.
Last month, Thai Life Insurance raised $1 billion, marking the biggest IPO in not only Thailand but across Southeast Asia this year. The shares were priced at 16 baht apiece, and were traded in plateau during the debut day on July 25, which was a reflection of high valuation and broader market performance.
Thailand led Southeast Asia’s public markets in terms of IPO deals last year, with 35 companies and real estate investment trusts raising $4.2 billion, per a report by accounting firm Deloitte.
PTT Oil and Retail Business (PTTOR) kicked off the year with the largest IPO, raising 54 billion baht. Microfinance firm Ngern Tid Lor (which raised 38 billion baht) and entertainment media content producer and distributor The One Enterprise (raising 4.2 billion baht) were among the 10 biggest IPOs in the region in 2021.
For the rest of this year, SET has listed IPOs including e-commerce enabler aCommerce, dried fruits and healthy snacks maker Chin Huay Public Company Limited, tire producer Deestone, diversified business Thai Eastern Group, pet food Asian Alliance International, and SCG Chemicals, among others.