Shares of leading meat producer Betagro Pcl. (SET: BTG) fell as much as 6.9% from its IPO price in their debut on Wednesday.
As of 11.11 A.M. (Thai time), the share price of BTG was traded at THB37.75/share, dropping THB2.25/share, or 5.62%. They were priced at 40 baht apiece after the meat manufacturer and its major shareholders sold 500 million shares. The IPO raised THB20 billion ($528 million) after a green-shoe option was exercised. Since the beginning of 2022, it has been the third-largest listing in Southeast Asia.
Betagro’s IPO is the largest on the Thai stock exchange since Thai Life Insurance Pcl (SET: TLI) went public over three months ago.
Still, brokers and analysts remain bullish on BTG, with the following price targets being given:
| Brokers | Recommendation | Target Price |
| Asia Plus Sec. (ASPS) | BUY | THB48.00 |
| Kasikorn Sec. (KS) | BUY | THB56.60 – 63.50 |
| Innovest x | BUY | THB58.00 – 66.50 |
| Maybank Sec. (MST) | BUY | THB63.10 – 71.58 |
| Krungthai XSpring Sec. (KTX) | BUY | THB66.85 – 75.20 |
