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:
|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|