BREWER'S SINGAPORE LISTING
ThaiBev sets IPO price
Firm settles on S$0.28 per share for long-awaited Singaporean debut
Thai Beverage Plc, the largest producer and distributor of its kind in Thailand and Southeast Asia, yesterday finalised its initial public offering share price on the Stock Exchange of Singapore at 0.28 Singaporean dollars (Bt6.8) apiece. The 4.89 billion in shares being offered were oversubscribed to by retail and institutional investors, the latter of which have been earmarked 4.64 billion shares. The liquor producer's IPO price was set in the lower range of the earlier estimated prices of S$0.26- S$0.36 a share. Thai Beverage shares will start trading on the Singapore exchange on May 30. Kasemsant Weerakun, spokesman for Thai Beverage Plc, said that the company had held a series of road shows for its IPO between May 5 and 23, meeting more than 130 institutional investors from Asia, Europe, and the US. The shows for retail investors were conducted between May 19 and 23. He said the outcome of the company's IPO subscription was satisfactory, given the circumstances. "ThaiBev would like to express its gratitude to global institutional investors as well as retail investors in Singapore for showing a significant interest in the company's share," Kasemsant said. "The IPO price that is higher than the lowest range indicates that the company's shares drew attention. "Our fundamentals are solid, but our IPO comes during much volatility in the world's stock markets." Thai Beverage expects to raise around S$1.37 billion on the Singaporean stock market. The Thai liquor producer earlier planned to list on the Stock Exchange of Thailand in the end of last year to early this year. But strong objections from social activists to listing liquor producers on the SET delayed its inclusion. A few months ago, the company announced it would list in Singapore. However, it has not ruled out a Thai share sale as well, but that will hinge on Parliament approving an alcohol consumption control bill. Kittiratt Na Ranong, president of the SET, as he said he would, has resigned as a result of Thai Beverage listing in Singapore rather than Thailand.
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