BANGKOK — Retail in Thailand is set to blossom this year, boosted by the biggest initial public offering in the country by the Central Retail Corp., the owner of more than 2,000 stores.
Central Retail, which operates a consumer portfolio across Thailand, Vietnam and Italy, began trading Thursday on the Thai stock exchange, in an initial public offering that raised 78.12 billion Thai baht, or $2.48 billion at current exchange, valuing the company at 253 billion baht, or $8.06 billion.
The firm is a subsidiary of Central Group, the influential Thai conglomerate owned by the Chirathivat family, and is its latest division to go public. The company’s other two subsidiaries, operating in the shopping mall development and hospitality, are already listed on the Thai stock exchange. After listing, the Chirathivat family still holds 70 percent of CRC share ownership.
“CRC is very proud to make a new mark with a success in becoming the country’s largest IPO ever, as well as being the world’s second-highest-ranking IPO offered by retailers,” Yol Phokasub, chief executive officer of CRC, said Thursday.
“Notwithstanding ongoing challenges that bring short-term impact to Thai capital market, the remarkable deal reflects investor confidence in our long-term potential and growth opportunity driven by
Central Retail, which operates a consumer portfolio across Thailand, Vietnam and Italy, began trading Thursday on the Thai stock exchange, in an initial public offering that raised 78.12 billion Thai baht, or $2.48 billion at current exchange, valuing the company at 253 billion baht, or $8.06 billion.
The firm is a subsidiary of Central Group, the influential Thai conglomerate owned by the Chirathivat family, and is its latest division to go public. The company’s other two subsidiaries, operating in the shopping mall development and hospitality, are already listed on the Thai stock exchange. After listing, the Chirathivat family still holds 70 percent of CRC share ownership.
“CRC is very proud to make a new mark with a success in becoming the country’s largest IPO ever, as well as being the world’s second-highest-ranking IPO offered by retailers,” Yol Phokasub, chief executive officer of CRC, said Thursday.
“Notwithstanding ongoing challenges that bring short-term impact to Thai capital market, the remarkable deal reflects investor confidence in our long-term potential and growth opportunity driven by
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