Thailand expects stock listings worth over $5 billion this year

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Thailand expects stock listings worth over $5 billion this year
Stock Exchange of Thailand
© Arno Maierbrugger

The Thai stock exchange is expected to see initial public offerings (IPOs) at a total volume of more than $5 billion in the rest of this year, the most in Southeast Asia, according to a Reuters report.

The country will likely see listings from the retail arm of state-owned oil company PTT Pcl, the hospitality business of tycoon Charoen Sirivadhanabhakdi’s TCC Group, as well as a unit of the country’s largest retailer Central Group, Reuters quoted insiders, who said that first-time share sales from these companies could make it the largest haul for the country in six years.

PTT Oil & Retail, which operates gas stations, coffee shops and convenience stores, is expected to kick off its IPO process after the election results which are expected for the second week of May and could raise about $2 billion, the sources said.

Mall operator Central Group’s retail arm is also slated for a stock market flotation later this year and could raise $1 billion to $2 billion, sources said.

Asset World Corp, the hospitality arm of TCC Group, which owns office buildings, luxury hotels and shopping arcades, plans to launch a $1 billion-$1.5 billion IPO in the second half of the year.

Investors are focusing on the country’s stable economic growth and currency and do not see any big risk from political uncertainty, while low interest rates and a hunt for high-yielding assets are driving investors to allocate money for equities, fund managers said.

“People are waiting and IPOs will sell,” Reuters cited Narongchai Akrasanee, chairman of MFC Asset Management.

Thailand’s finance minister said last week that the country will introduce economic measures worth about 20 billion baht ($624 million) to boost consumption and tourism and help low-income earners.

Bankers say 2019 is set to be Thailand’s strongest year for IPOs since 2013, when they raised over $6 billion. In 2018, Thai listings raised $2.5 billion after $3.8 billion in the previous year, Refinitiv data showed.

Last year, Vietnam was the biggest market for IPOs in Southeast Asia, with listings there raising $3.4 billion.

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Stock Exchange of Thailand © Arno Maierbrugger The Thai stock exchange is expected to see initial public offerings (IPOs) at a total volume of more than $5 billion in the rest of this year, the most in Southeast Asia, according to a Reuters report. The country will likely see listings from the retail arm of state-owned oil company PTT Pcl, the hospitality business of tycoon Charoen Sirivadhanabhakdi’s TCC Group, as well as a unit of the country’s largest retailer Central Group, Reuters quoted insiders, who said that first-time share sales from these companies could make it the largest haul for...

Reading Time: 2 minutes

Thailand expects stock listings worth over $5 billion this year
Stock Exchange of Thailand
© Arno Maierbrugger

The Thai stock exchange is expected to see initial public offerings (IPOs) at a total volume of more than $5 billion in the rest of this year, the most in Southeast Asia, according to a Reuters report.

The country will likely see listings from the retail arm of state-owned oil company PTT Pcl, the hospitality business of tycoon Charoen Sirivadhanabhakdi’s TCC Group, as well as a unit of the country’s largest retailer Central Group, Reuters quoted insiders, who said that first-time share sales from these companies could make it the largest haul for the country in six years.

PTT Oil & Retail, which operates gas stations, coffee shops and convenience stores, is expected to kick off its IPO process after the election results which are expected for the second week of May and could raise about $2 billion, the sources said.

Mall operator Central Group’s retail arm is also slated for a stock market flotation later this year and could raise $1 billion to $2 billion, sources said.

Asset World Corp, the hospitality arm of TCC Group, which owns office buildings, luxury hotels and shopping arcades, plans to launch a $1 billion-$1.5 billion IPO in the second half of the year.

Investors are focusing on the country’s stable economic growth and currency and do not see any big risk from political uncertainty, while low interest rates and a hunt for high-yielding assets are driving investors to allocate money for equities, fund managers said.

“People are waiting and IPOs will sell,” Reuters cited Narongchai Akrasanee, chairman of MFC Asset Management.

Thailand’s finance minister said last week that the country will introduce economic measures worth about 20 billion baht ($624 million) to boost consumption and tourism and help low-income earners.

Bankers say 2019 is set to be Thailand’s strongest year for IPOs since 2013, when they raised over $6 billion. In 2018, Thai listings raised $2.5 billion after $3.8 billion in the previous year, Refinitiv data showed.

Last year, Vietnam was the biggest market for IPOs in Southeast Asia, with listings there raising $3.4 billion.

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