Thailand’s largest retailer, Central Retail Corp, said Singapore sovereign wealth fund GIC and funds advised by U.S. investor Capital Research Management Company are among international cornerstone investors backing its IPO, worth up to $2.4 billion.
The IPO, first announced in July, comes after Thailand took the top IPO ranking in Southeast Asia in 2019 with $4 billion in fundraisings, according to Refinitiv data. A slew of large issues is in the pipeline for this year.
Central Retail, controlled by the billionaire Chirathivat family’s Central Group, will use the funds to partly repay debt and expand the business in Thailand and overseas, company officials told a news conference on Friday.
“In the next decade in Thailand, we will be proactive with partnerships and M&A,” Central Retail CEO Yol Phokasub told reporters.