Thailand's Richest Man Plans $1.5 Billion Property IPO
(Bloomberg) -- Thailand’s richest man Charoen Sirivadhanabhakdi is planning an initial public offering of a domestic property business that could raise at least $1.5 billion, people with knowledge of the matter said.
The tycoon’s TCC Group conglomerate has asked banks to pitch for a role on the share sale by its Asset World Corp. unit, according to the people. It aims to list AWC in Bangkok next year, the people said, asking not to be identified because the information is private.
AWC develops shopping centers and office space in Thailand and has a hospitality business. Its projects include Empire Tower and Interlink Tower in the country’s capital, as well as malls such as O.P. Place, Gateway Ekamai and Centerpoint of Siam Square, according to AWC’s website.
The firm’s hotels include Hilton Sukhumvit Bangkok, Banyan Tree Samui, Le Meridien Chiang Mai and the Marriott resort in Hua Hin. AWC has more than 6,500 employees, the website shows.
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Details of the offering are still being discussed, and the size of the deal could change depending on market conditions, the people said. Representatives for TCC Group’s property division and AWC declined to comment.
First-time share sales in Thailand have raised $2 billion this year, compared with $2.3 billion during the same period in 2017, data compiled by Bloomberg show. Energy drink maker Osotspa Pcl, which just completed the year’s biggest corporate IPO in the country, gained 9 percent on its trading debut Wednesday.
Charoen is Thailand’s richest man with a net worth of $11.9 billion, according to the Bloomberg Billionaires Index. He controls Thai Beverage Pcl, the maker of Chang beer, and Bangkok-listed consumer goods distributor Berli Jucker Pcl.
Some of his group’s overseas real estate businesses are already publicly traded, including Frasers Property Ltd., which has a market value of $3.3 billion. That company has previously spun off several property trusts in Singapore that own hotels, office buildings, warehouses and retail space.
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