Thai meat producer Betagro Plc is seeking to raise about 20 billion baht in what would be the country’s second-largest initial public offering this year, according to people familiar with the matter.
The company is marketing its shares to institutional investors and could launch the offering as early as next month, the people said, asking not to be identified discussing confidential information.
Considerations are ongoing and details including size and timeline could still change depending on the market conditions, the people added. A representative for Betagro didn’t immediately respond to requests for comment.
Betagro’s IPO could be the country’s second biggest IPO after Thai Life Insurance Plc’s $1 billion listing in July, according to data compiled by Bloomberg. The nation’s benchmark stock index has gained about 3.6% this month, heading for the biggest monthly advance this year on overseas investor demand.
Betagro plans to sell as many as 500 million new shares, or a 25% stake of enlarged capital, to raise funds for expanding its farms and animal feed productions in Thailand and neighbouring countries, according to its regulatory filing in May.
Kiatnakin Phatra Securities Plc and Bualuang Securities Plc are arranging the offering to Thai investors.