The brewery arm of Thai Beverage Public Company Limited (SGX: Y92 or ThaiBev) has started pre-marketing a US$800 million–$1 billion Singapore Exchange IPO on Monday, June 20, 2022.
The IPO amount is lower than the market’s previous expectations of around US$2 billion as less than 20% of the capital will be on offer when the report first came out in 2019. Some speculated that the spinoff could raise as much as US$3 billion.
The listing of BeerCo, ThaiBev’s brewery unit, was deferred in April 2021 due to uncertain market conditions and volatility, caused by the Covid-19 pandemic.
In a filing on May 5, 2022, the company said that it will continue to apply to the resumption of the proposed listing.
BeerCo has 3 breweries in Thailand and a network of 26 breweries in Vietnam. The company recorded a profit of US$24,644 million baht from a revenue of US$240,543 million, according to its financial year ended September 30, 2021.
The listing of BeerCo comes amid a slowdown in the IPO market, looming recession and rising inflation.