(Bloomberg) – Betagro Pcl, a Thai meat producer, plans to raise about 17.4 billion baht ($462 million) to fund its business expansion, in what would be the world’s second-largest initial public offering. country this year.
The company is offering 435 million shares in the Bangkok IPO at 40 baht each, it said in a regulatory filing on Tuesday. An over-allotment or green shoe option will allow Betagro to sell an additional 65 million shares if there is strong investor demand, he said.
Betagro continues its IPO even as the country’s stock market reels from a massive sell-off in global equities amid unprecedented monetary policy tightening by major central banks to tame inflation. The stock sale will be Thailand’s second-biggest IPO of 2022 after Thai Life Insurance Pcl’s $1 billion listing in July, according to data compiled by Bloomberg.
Thailand’s benchmark stock index has fallen more than 5% in the past three weeks, with foreign funds withdrawing $655 million net from domestic equities in September, the first monthly withdrawal in three months, the data shows. compiled by Bloomberg.
Betagro is offering up to 25% of its expanded capital to expand its farms and feed production in Thailand and neighboring countries, according to its regulatory filing.
About 182 million shares, or 42% of the total supply, have already been subscribed by local and foreign investors, including Caas Capital Master Fund, Magna Umbrella Fund and Ghisallo Master Fund, according to the filing.
The issue is open for subscription from October 10 to October 25. While Kiatnakin Phatra Securities Pcl and Bualuang Securities Pcl are the main arrangers for local investors, Bank of America Corp. is the lead international bid manager, according to the filing. .
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