Singapore: ThaiBev�s BeerCo IPO could take place in Q3 2025

Could Thai Beverage �s much-anticipated Singapore initial public offering (IPO) for BeerCo materialise this year?

In a presentation deck posted on Jan 20, ThaiBev revealed that BeerCo reported a 12% y-o-y growth in its FY2024 earnings of $214 million compared to the 25% y-o-y drop in its FY2023 earnings of $191 million, reflecting better market conditions, The Edge Singapore reported on January 20.

ThaiBev also highlighted several upside factors for BeerCo including seeing a �strong momentum� for BeerCo�s sales in Thailand in 2025 from stronger demand for key brands and higher demand for Chang Beer. BeerCo outperformed the industry in Thailand in 2024 under a �more supportive macro backdrop�. The Asean region is also tipped to be the fastest-growing beer market in the world.

Other factors include BeerCo�s gaining market share in Vietnam�s mainstream and mass premium beer segments, seeing a clear recovery in its Vietnam operations in FY2024, robust margin expansion from higher prices, premiumisation and optimisation, as well as its expansion to the fast-growing Cambodian market.

ThaiBev first flagged the possibility of a spin-off BeerCo listing in early 2021 but it ended up being deferred due to �uncertain market conditions�.

However, during ThaiBev�s results call for the FY2024 ended Sept 30, 2024, Michael Chye, chief of ThaiBev�s beer product group told the media that BeerCo�s IPO could take place in 3Q2025 if the group decides on a share sale by December 2024. ThaiBev�s CEO Thapana Sirivadhanabhakdi also told Bloomberg in October 2024 that the group �received good interest� from potential partners.

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