Central Retail Corporation, the retail arm of Central Group and the country's biggest mall operator, has set a preliminary price range for an IPO at 40-48 baht per share, with a par value of one baht apiece.
According to the company's filing submitted to the Securities and Exchange Commission (SEC) on Thursday, the preliminary price range will be narrowed prior to the share subscription period.
Central Retail said it is offering up to 1.33 billion new ordinary shares, while Central Retail's existing shareholders will offer not more than 360 million shares to the public, with a greenshoe option of 169.1 million shares.
The public includes cornerstone investors, company executives and management and/or the company's employees, as well as related persons and institutional investors.
A greenshoe option lets investors buy more shares than originally planned by the issuer.
The company scheduled the subscription period for shareholders of Robinson Plc, another SET-listed retail unit of Central Group, who accept the conditional exchange offer on Dec 27, 2019, to Feb 3, 2020. The subscription period for cornerstone investors, company executives and management, company employees and related persons is set for Jan 29-31 and Feb 3, 2020.
The period for institutional investors and initial purchasers is set for Feb 6-7, and Feb 11, 2020.
Bualuang Securities and Phatra Securities are Central Retail's financial advisers and underwriters. The company may appoint more underwriters later, it said.
Yol Phokasub, chief executive of Central Retail Corp, said in July the company has been preparing for three years to list by restructuring to fit with SET regulations, strengthening its core business and creating a new platform.
The company will bring Robinson and operations in Vietnam and Italy under Central Retail Corp for the listing.
As part of the share sale, Central will de-list Robinson, in which Central holds a majority stake.
ROBINS shares closed yesterday on the Stock Exchange of Thailand at 66.75 baht, up 1.75 baht, in trade worth 497 million baht.