ThaiBev Said To Be Preparing To File For Biggest Singapore IPO In Years

Bangkok-based beverage group ThaiBev will lodge a filing to list its brewery business on the Singapore Exchange
(SGX) as early as next week, the Financial Times reported citing several sources familiar with the matter.

 The proposed offering could raise about $2 billion and would value ThaiBev’s beer-making unit at up to $10 billion,
the report added, making it the largest initial public offering (IPO) in the city-state in at least eight years.

 Citi, Bank of America, and Morgan Stanley are said to be the IPO’s lead managers, according to reports.

 The actual listing could come only two or three months after ThaiBev files IPO documents with the bourse, and the
size and timing of the market debut may still change, the report added.

 The company’s plans to file IPO documents were first reported by Bloomberg. In 2019, ThaiBev had floated the idea
of spinning off its beer business in a $2.5 billion IPO. A listing of that size would make it the largest IPO in
Singapore since 2011, when Hutchison Port Holdings Trust raised $5.5 billion, the report said.

 ThaiBev is owned by Bangkok-based billionaire Charoen Sirivadhanabhakdi. The group owns the popular beer brand
Chang. It also brews the Archa and Federbrau brands.

 The group had acquired a majority stake in Vietnam’s biggest beer producer Sabeco for nearly $5 billion in 2017.

 It also owns distilleries that produce liquor, and owns a 28.46% stake in Singapore’s Fraser & Neave Ltd, which sells
soft drinks and dairy products.

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