Thai Life meets with investors ahead of its billion-dollar IPO, the largest of the year in Thailand.

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A $1 billion listing would be a boon to Asian capital markets which have struggled to attract new IPOs due to financial market volatility.

Thailand’s third-largest life insurer is planning a management roadshow from late June to early July, before a listing later in the month, according to a source familiar with the matter.

Thai Life plans to raise up to $1 billion in 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 Reuters request for comment.

Thai Life had a market share of around 13% in the quarter ending March, according to government data. It recorded a net profit of 3.79 billion baht ($110 million) in the first quarter of 2022.

Part of the shares sold in the IPO will come from existing investors VC Property Co and Her Sing (HK) Ltd, according to the term sheet.

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.

($1 = 34.4300 baht)

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