Siam Piwat Company, the owner of various shopping malls, is progressing towards potentially launching Thailand’s largest initial public offering (IPO) in approximately two years, as per informed sources.
Based in Bangkok, the company has reached out to international banks to request proposals for a potential IPO set to occur before the close of this year, the individuals shared on the condition of anonymity due to the confidential nature of the matter. It is reported that Siam Piwat aims to secure between US$500 million to $750 million through the IPO, although discussions are still in progress, and there’s a possibility they may choose not to proceed with the listing.
These developments come amid a resurgence in tourism within Thailand following a slump during the COVID-19 pandemic, marked by a significant influx of over 8 million international visitors this year, as per government data.
A spokesperson for Siam Piwat referred Bloomberg News to a statement released in September, where the company outlined plans for expansion within Thailand and other regions in Asia. It was noted that Kiatnakin Phatra Securities and Kasikorn Securities had been appointed for consultation on expansion strategies, fundraising initiatives, and the potential for a listing on the Bangkok Stock Exchange in the future.
The most recent notable IPO in the country was undertaken by Thai Life Insurance Public Company Limited in 2022, amassing over $1 billion. Initial public offerings in Thailand have amassed $253 million thus far this year, a slight decrease from the $297 million raised during the equivalent period in 2023, as indicated by data sourced from Bloomberg.
Originally established in 1959 as Bangkok Inter-Continental Hotels Co, Siam Piwat rebranded to its current name in 2003. The company possesses several upscale shopping centers, including Siam Paragon and Iconsiam, situated in Bangkok.
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