Thai Beverage seeks up to $1 bln in Singapore IPO of beer unit -sources (updated)

Thai Beverage Public

05/05/2022 06:54

(Recasts story, adds fundraising attempts, details of the
company)
    By Anshuman Daga
    SINGAPORE, May 5 (Reuters) - Singapore-listed Thai Beverage
 TBEV.SI  is looking to raise as much as $1 billion through the
revived Singapore initial public offering (IPO) of its regional
beer business this year, two sources familiar with the matter
said on Thursday.
    The size of the potential fundraising has been halved from a
year ago because of the impact of the COVID-19 pandemic and
decreased market valuations, said the sources who declined to be
identified as they were not authorised to talk to the media.
    ThaiBev, the maker of Chang lager, declined comment on the
funding amount.
    Controlled by tycoon Charoen Sirivadhanabhakdi, ThaiBev is
one of Southeast Asia's largest makers of drinks.
    Earlier on Thursday, the company said in a regulatory filing
that it had re-started work to list its regional beer unit,
BeerCo, and would look to sell up to a 20% stake through the
Singapore IPO.  L3N2WX00E 
    A third source familiar with the matter said ThaiBev could
end up raising about $800 million, adding that the launch of the
IPO was subject to market conditions.
    A successful IPO would mark one of the largest listings on
the Singapore bourse in years.
    BeerCo, which comprises Thai Bev's brewing operations in
Thailand and Vietnam, had initially planned a listing in early
2020 but that was derailed by the outbreak of the pandemic.

 (Reporting by Anshuman Daga; Editing by Christian Schmollinger
and Gerry Doyle)
 ((anshuman.daga@tr.com;))