ThaiBev has revived plans to go public on the Singapore Stock Exchange (SGX) according to information gathered by Reuters. The initial public offering (IPO) which is likely to house Thai Bev's beer assets in its main markets of Thailand and Vietnam could raise about USD 2 billion.
The money is needed to help financing part of the USD 5 billion purchase price which ThaiBev paid in 2019 for a 54% share in Vietnam’s beer market leader Sabeco. (inside.beer, 18.12.2018) In addition, ThaiBev requires additional funds to buy the remaining 36% stake in Sabeco from state-owned sovereign fund State Capital Investment Corporation (SCIC) (inside.beer, 4.7.2020) and to finance a THB 7 billion (USD 230 million) investment program in the next years to renovate its existing breweries in Thailand and increase sales in the region. (inside.beer, 4.10.2019)
In November 2019, ThaiBev already considered an IPO on SGX which would have valued ThaiBev about USD 10 billion - one of the highest valuations in the beer market in South-East Asia. (inside.beer, 29.11.2019)
The anouncement in 2019 came just two months after AB InBev was successful in its second attempt for an initial public offering (IPO) of its Asian business unit Budweiser Brewing Company APAC (inside.beer, 29.9.2019) after the first attempt in July failed. (inside.beer, 13.7.2019)
However, when the COVID-19 pandemic struck the world in early 2020, ThaiBev said it would step back from a listing for the time being and would come back when the global economic outlook improves. The new attempt signals now a growing confidence that the worst is already over.