Thai Life insurer meets investors ahead of billion dollar IPO that will become Thailand’s largest this year
Thai Life Insurance is beginning to meet with investors ahead of a planned $1 billion initial public offering (IPO) that would be the largest in Thailand this year, according to Reuters.
A $1 billion listing would be a boon for Asian capital markets which have struggled to attract new IPOs due to financial market volatility.
Thailand’s third-largest life insurer is planning a roadshow from late June to early July, before listing later in the month, according to a source familiar with the matter.
Thai Life plans to raise up to $1 billion under the deal, said two sources, who requested anonymity because the information had not yet been made public.
The company did not immediately respond to a request for comment from Reuters.
Thai Life held around 13% market share in the first quarter of 2022, according to government data, and posted a net profit of 3.79 billion baht ($110 million).
Some of the shares sold in the IPO will come from existing investors VC Property Co and Her Sing (HK) Ltd, according to a document seen by Reuters.
The sale would be Thailand’s biggest IPO since April last year, when microfinance firm Ngern Tid Lor Pcl raised $1.2 billion, according to Refinitiv data.
