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(Bloomberg) — Shares of Betagro Pcl are set to debut in Bangkok on Wednesday, following Thailand’s second-largest preliminary public providing this yr.
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The meat producer and its main shareholders offered 500 million shares at 40 baht apiece. The providing raised 20 billion baht ($528 million), together with the train of a green-shoe possibility. It’s the third largest itemizing in Southeast Asia for the reason that begin of 2022.
Betagro’s debut is the most important within the Thai alternate since insurer Thai Life Insurance coverage Pcl’s itemizing greater than three months in the past. Whereas share gross sales have slowed down globally amid rising rates of interest and surging volatility in equities buying and selling, the market in Southeast Asia’s second-biggest financial system remained extra lively than others within the area.
The nation’s benchmark inventory index has gained about 3% over the previous three months, with abroad funds pumping in a web $227 million into home equities final month, information compiled by Bloomberg present. That contrasts with a droop of greater than 10% for the MSCI Asia Pacific Index over the identical interval.
Betagro is elevating funds to increase its farms and animal feed manufacturing in Thailand and neighboring international locations, in accordance with its regulatory submitting. About 182 million shares, or 42% of the entire providing, had been subscribed by native and abroad cornerstone buyers together with Caas Capital Grasp Fund, Magna Umbrella Fund and Ghisallo Grasp Fund, the submitting confirmed.
Kiatnakin Phatra Securities Pcl and Bualuang Securities Pcl are the lead arrangers for native buyers; Financial institution of America Corp. is the lead supervisor for the worldwide providing, in accordance with the submitting.
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