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Asset World kicks off Thailand’s first major IPO since election

Food and beverage-to-real estate conglomerate TCC seeks $1.36 billion from a listing of its hospitality and retail business. It could be the first of a series of big listings in Thailand following the belated return of democracy in March.

Thai billionaire Charoen Sirivadhanabhakdi is looking to raise as much as Bt42 billion $1.36 billion through an initial public offering of its hospitality and retail business amid signs of improved political stability following Thailand's long-delayed general election in March.

The IPO of Asset World Corporation, which started accepting institutional orders on Thursday, could fetch as much as $1.56 billion if a 15% over-allotment option is fully exercised. That would put it third by size on Thailand’s all-time IPO list, behind BTS Mass Transit Growth Infrastructure Fund's $2.1 billion IPO in 2013 and Digital Telecommunications Infrastructure Fund’s $1.8 billion deal in the same year.

Sirivadhanabhakdi...

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