World’s Largest PET Producer ‘Indorama Ventures’ Eyes $1 Billion IPO of IOD Unit in Wall Street

Indorama Ventures Public Company Limited (SET: IVL), a Thai-listed leading sustainable chemical company, is considering going public in the U.S. with its  integrated oxides and derivatives business (IOD), according to the report by Bloomberg, citing people familiar with the matter.

The report stated that the firm is working with financial advisers on the potential share sale in the public offering that could raise about $1 billion. The offering, which would help IVL in boosting growth and reducing debt, could take place as soon as this year, according to the source.

However, the source noted that the matter is in an early stage, and the company could decide against pursuing a deal. In the meantime, the size and time could be adjusted as well.

The IOD business accounts for 23% of IVL’s 2022 revenue. The company recorded 665 billion baht in revenue last year and 31 billion baht of net profit.

The latest acquisition in oxide business was in 2022 as the company announced an acquisition of a 100% equity stake in Oxiteno S.A. – Indústria e Comércio, a corporation duly organized and existing under the laws of the Federative Republic of Brazil, and its affiliates.


Indorama Ventures is a producer of intermediate petrochemicals industry, the world’s largest producer of PET resins, and a manufacturer of wool yarns.