Pet food maker i-Tail to raise B21.1bn, pricing IPO at top of band
published : 28 Nov 2022 at 15:53
Pet food maker I-tail Corp priced shares in its initial public offering at 32 baht each, the top of the marketed range in Thailand’s second-biggest listing this year.
The unit of frozen and seafood products maker Thai Union Group Plc is offering 660 million shares, which were previously marketed at 30 baht to 32 baht each. The IPO is set to raise 21.1 billion baht, the largest in Bangkok since Thai Life Insurance Plc’s debut in July.
The offering gives a boost to the country’s IPO market in the final weeks of the year as improving sentiment toward local equities and the participation of local investors helped support Thai issuers this year.
About 1323 billion baht in IPO proceeds has been raised in the kingdom so far in 2022, including i-Tail’s offering. That’s a 7.1% retreat versus the same period of last year, and compares with a slump of more than 70% in Hong Kong.
The company’s line of products include mini-pouch tuna flakes and vitamin drinks for cats and dogs, according to its website. I-tail aims to use part of the proceeds for business expansion and debt repayment.
The shares are slated to start trading in Bangkok on Dec 9.