Thai Life Insurance’s initial public offering (IPO), aiming to raise up to US$1.04 billion (37 billion baht), will be sold to 18 domestic and international cornerstone investors.
According to a term sheet seen by Reuters, these investors will account for about 50% of the IPO – the largest in Southeast Asia so far in 2022. The book-building process is reportedly opening this week.
GIC Pvt Ltd is the largest among international cornerstone investors – those who commit in advance to invest a fixed amount of money, or for a fixed number of shares, in an IPO – and has subscribed for about $164 million worth of shares followed by Oaktree Capital and Ghisallo Master Fund, according to the term sheet.
On the domestic front, the asset management arms of Siam Commercial Bank, Kasikorn and Krungsri are the biggest major local investors to subscribe for stock.
Thai Life said in a filing on Monday (27 June) that it aims to raise $972 million (34.4 billion baht) for its first-time share sale and $1.04 billion if an over-allotment option is exercised.
The term sheet said retail investors in Thailand will have access to $318 million worth of stock.
Following the deal, Thai Life will have an implied market capitalization of about $5.2 billion.
The company said IPO proceeds would provide working capital, support digital transformation and strengthen distribution channels with partners.
According to Refinitiv data, the IPO would be the largest equity capital market deal in Southeast Asia in 2022, with just $2.38 billion worth of IPOs in the region so far compared to $6.1 billion at the same stage last year. (NNT)
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