Thailand & Singapore: Thai Beverage's IPO raises $865 million

Thai Beverage, the nation's largest brewer, raised 1.37 billion Singapore dollars, or $865 million, after selling shares at the lower end of the range offered to investors, Bloomberg reported May 24.

The brewer sold 4.89 billion shares at 28 Singapore cents each, 8 Singapore cents lower than the maximum price that it sought. The IPO is Singapore's largest in 13 years.

Thai Beverage turned to Singapore after anti-alcohol protesters blocked an offering in its home market last year. The president of Thailand's stock exchange quit Wednesday after failing to secure what might have been Thailand's biggest initial public offering.

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