Siam Piwat, a leading operator of luxury shopping malls in Thailand, is reportedly on the verge of initiating the country’s most significant initial public offering (IPO) since 2022. According to insiders familiar with the developments, the company is actively seeking proposals from global financial institutions for a debut share sale potentially slated for later this year. These sources, preferring to remain anonymous due to the private nature of the proceedings, have indicated that Siam Piwat is targeting to raise between $500 million and $750 million through the IPO. However, they caution that the process is still in the early stages, with the company retaining the option to forego the listing as deliberations continue.
The timing for such a financial move is strategically aligned with the resurgence of tourism in Thailand, a sector critically impacted by the global Covid pandemic. Official data from the Thai government highlights a significant uptick in international tourist arrivals, with figures surpassing eight million visitors this year, signaling a robust recovery for the nation’s tourism industry.
When approached for comments on the IPO speculation, a spokesperson for Siam Piwat deferred to a previous statement issued in September, which detailed the company’s ambitious plans for expansion across Thailand and other Asian markets. This earlier announcement also referenced the engagement of Kiatnakin Phatra Securities and Kasikorn Securities as advisory partners to assist with Siam Piwat’s growth and fundraising initiatives, which may include a prospective listing on the Bangkok Stock Exchange.
The potential Siam Piwat IPO follows in the footsteps of Thai Life Insurance’s significant market debut in 2022, where the company raised upwards of $1 billion, setting a recent record for the Thai IPO market. Despite a slight downturn in IPO activity this year, with first-time share sales totaling $253 million compared to $297 million during the same period in 2023, Siam Piwat’s proposed listing could inject new momentum into Thailand’s capital markets.
Established in 1959 under the original name Bangkok Inter-Continental Hotels before adopting its current identity in 2003, Siam Piwat has carved a niche for itself as a purveyor of high-end retail experiences. The company’s portfolio boasts several iconic shopping destinations, such as Siam Paragon and Iconsiam, which have become synonymous with luxury and sophistication in Bangkok’s retail landscape. As Siam Piwat contemplates making a grand entrance onto the public market, the move is viewed as a testament to the company’s confidence in the resilience and potential of Thailand’s economic landscape, particularly in the post-pandemic era.
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