Thailand’s Betagro Shares Fall More than 6% in Its First Day of Trading

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