Thai Beverage, controlled by one of Thailand’s richest men, plans to sell a 20% stake in its regional beer business via a Singapore listing, in what is set to be the largest initial public offering in the city-state in nearly a decade. In a statement filed to the Singapore Exchange after midnight, Thai Beverage said the move would give BeerCo, a separately listed entity, direct access to debt and equity capital markets and allow it to independently leverage on a wider range of funding options.
Reuters reported last month that Thai Beverage had revived plans to list its regional beer assets through a Singapore IPO that could raise about $2 billion and that a listing could take place as early as the first half of 2021. Thai Beverage, controlled by tycoon Charoen Sirivadhanabhakdi, is one of Southeast Asia’s largest drinks makers. It did not give details of the size of the potential IPO…
