Thailand’s meat producer Betagro Pcl. (SET: BTG) finished its first trading day on the stock exchange with a 9.00% loss on its share price from the IPO price of THB40.
The share price of BTG dropped THB3.75/share, or 9.38%, to THB36.25/share, with a trading value of THB8.71 billion.
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 |
