Singapore: ThaiBev could lodge filing to list its brewery unit as soon as next week - sources
Thai Beverage Plc is planning to lodge a filing to list its brewery unit on the Singapore stock exchange as soon as next week, people familiar with the matter said, paving the way for what could be the biggest initial public offering in the city-state in a decade, Bloomberg reported on January 28.
The drinks maker plans to seek a valuation of about $10 billion for the unit, said the people, who asked not to be identified as the information is private. A listing in the Southeast Asian nation could happen as soon as the second quarter, one of the people said.
ThaiBev, controlled by Thailands richest man, in 2019 confirmed the company is weighing an IPO of the brewing unit after Bloomberg News reported the listing plan. The firm at that time didnt provide details such as valuation and listing venue.
The IPO could be the Singapore bourses biggest since Hutchison Port Holdings Trust raised $5.5 billion in 2011. It would also give a boost to first-time share sales in the republic, where IPO volumes plunged to $915 million last year, the least since 2015, according to data compiled by Bloomberg.
ThaiBev is best known for producing Chang, a lager whose green bottles are adorned with an image of two elephants. It also brews Archa beer and the German-inspired Federbrau brand. In 2017, ThaiBevs Vietnamese affiliate bought a controlling stake in Saigon Beer Alcohol Beverage Corp., the countrys largest brewer, for about $4.8 billion.
Apart from the brewery business, ThaiBev runs distilleries that produce liquor including SangSom rum, Meridian brandy and Drummer whisky. It owns about 28% of Singapores Fraser & Neave Ltd., which sells 100Plus soft drinks and Magnolia dairy products, data compiled by Bloomberg show.
The group is controlled by Charoen Sirivadhanabhakdi, who is Thailands richest person with a net worth of about $16.6 billion, according to the Bloomberg Billionaires Index.
Deliberations on the units IPO including size and timing could still change, the people said. A representative for ThaiBev didnt immediately respond to requests for comment.
E-malt.com, the global information source for the brewing and malting industry professionals. The bi-weekly E-malt.com Newsletters feature latest industry news, statistics in graphs and tables, world barley and malt prices, and other relevant information. Click here to get full access to E-malt.com. If you are a Castle Malting client, you can get free access to E-malt.com website and publications. Contact us for more information at marketing@castlemalting.com .