A well-known Thai shopping mall operator, Siam Piwat Co., is progressing towards potentially Thailand’s largest initial public offering (IPO) in two years, according to Bloomberg.
The Bangkok-headquartered company is reportedly asking international banks to submit proposals as the company is looking to kick off its first time share sales expected to be before the end of this year.
Citing sources close to the matter, Bloomberg reported that Siam Piwat is targeting to raise between $500 million and $750 million through the first-time share sales. They noted that discussions are still in the process and the company may opt not to go public.
The timing of these developments aligns with a resurgence in tourism in Thailand following a slowdown caused by the Covid-19 pandemic, with the number of overseas visitors surpassing 8 million already this year, according to government data, while the projection this year is expected at around 40 million, which would be slightly higher than the pre-covid level.
Siam Piwat once stated that the company was planning for expansion in Thailand and other parts of Asia. It also mentioned the engagement of Kiatnakin Phatra Securities and Kasikorn Securities to facilitate its growth initiatives and capital-raising activities, including a potential listing on the Thai stock exchange at a later date.
Siam Piwat is the operator of Thailand’s most well-known shopping malls, Siam Paragon and Iconsiam that attract millions of tourists each year.
