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:
|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|