Betagro Shares Close 9% below Its IPO Price on the First Day in Thai Stock-Market

Thailand’s meat producer Betagro Pcl. (SET: BTG) finished its first trading day on the stock exchange with a 9.00% loss on its share price from the IPO price of THB40.

The share price of BTG dropped THB3.75/share, or 9.38%, to THB36.25/share, with a trading value of THB8.71 billion.

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