Thai Life Insurance Pcl raised $1 billion from an initial public offering, the largest share sale by a Thai firm in more than a year, according to reports from Bloomberg.
It was recently reported that the insurer was targeting a capital raise of more than $1 billion.
The Bangkok-based life insurer and two of its major shareholders sold a combined 2.32 billion shares, which included a green-shoe option, at 16 baht each to domestic and international investors.
Moreover, Thai Life shares will start trading on the Stock Exchange of Thailand from July 25, the insurer said.
It was also the country’s largest IPO since Ngern Tid Lor Pcl raised about $1.1 billion in May 2021.
Bloomberg also reported that Pakorn Peetathawatchai, president of the Stock Exchange of Thailand, said last week that a global stock market rout, surging inflation, higher interest rates, and the war in Ukraine have spooked potential issuers, and that Southeast Asia’s second-largest economy may see more public offerings during the remainder of the year.
At the same time, SCG Chemicals Pcl, Betagro Pcl, and Deestone Corp. are among companies seeking to sell shares in Thailand.
Thai Life says that it will spend 13.6 billion baht from new share sales for digital transformation, as well as online distribution channel and other investments to help it maintain its leading position within Thailand’s insurance market.
Source: Reinsurance News
