By Elfie Chew
(Bloomberg) — Thai mall owner Siam Piwat Co. is nearing the country’s biggest initial public offering in about two years, according to people familiar with the matter.
The Bangkok-based company is asking international banks to submit bids for a possible initial share sale that could take place before the end of this year, said the people, who asked not to be identified because the process is confidential. Siam Piwat is seeking $500 million to $750 million in the IPO, they said, adding that deliberations are ongoing and it may decide not to list.
The deliberations coincide with a recovery in tourism to Thailand after travel dried up during the Covid pandemic, with government figures showing there have already been over eight million overseas visitors this year.
A representative for Siam Piwat, in response to a request from Bloomberg News, referred to a September statement in which the company announced plans to expand in Thailand and other Asian countries. At the time, it said it had hired Kiatnakin Phatra Securities and Kasikorn Securities to advise on the expansion and capital raising, including a possible listing in Bangkok at a later date.
The country’s most recent major IPO was that of Thai Life Insurance Pcl in 2022, which raised over $1 billion. Initial sales in Thailand so far this year have totaled $253 million, compared to $297 million in the same period in 2023, according to data compiled by Bloomberg.
Siam Piwat was founded in 1959 as Bangkok Inter-Continental Hotels Co., adopted its current name in 2003 and owns several high-end shopping malls, including Siam Paragon and Iconsiam in Bangkok.
– With support from Suttinee Yuvejwattana.
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