Siam Piwat ‘planning Thailand’s biggest IPO’ in two years to fund expansion
Siam Piwat Co Ltd, which runs several luxury shopping malls in Bangkok, is reportedly preparing to raise US$500 million to $750 million (17-26 billion baht) in what is being described as Thailand's largest initial public offering (IPO) in two years.
The company is reportedly asking international banks to submit proposals for a potential first-time share sale that may take place before the end of this year, Bloomberg News reported on Thursday citing people with knowledge of the matter.
The IPO plan coincides with a rebound in the kingdom’s tourism sector with visitor arrivals already topping 8 million this year, after travel had dried up during the coronavirus pandemic.
A Siam Piwat representative reportedly referred Bloomberg’s query to a September statement in which the company said it was planning to expand in Thailand and elsewhere in Asia. At the time, Siam Piwat said it had appointed Kiatnakin Phatra Securities and Kasikorn Securities to advise on its expansion and fundraising, including a possible listing in Bangkok at some point.
Siam Piwat, a leader in Thailand’s luxury retail sector, owns and operates Siam Paragon, IconSiam, Siam Center, Siam Discovery, and Siam Premium Outlet Bangkok.
The company is yet to officially seek permission from the Securities and Exchange Commission for an IPO and has not mentioned any IPO plan in its latest notifications to the Stock Exchange of Thailand, according to The Nation’s sister publication Than Settakij.
Thai Life Insurance launched Thailand’s largest IPO in recent history in 2022 when it raised over $1 billion (35 billion baht), Bloomberg reported.
Founded in 1959 as Bangkok Inter-Continental Hotels Co Ltd, Siam Piwat adopted its present name in 2003. Siam InterContinental, launched in 1966, was Thailand's first five-star international hotel and the company's first real estate project.
In 2002, after 35 years of operation, the hotel was closed down and demolished and the land used to build Siam Paragon.
