By Ka Kay Lum
The round was joined by Mitsui Fudosan’s corporate venture arm, 31VENTURES, and existing backer Indonesian VC firm Sinar Mas Digital Ventures (SMDV).
The IPO was priced at the top end of the 10.60-11.60 baht range, giving it a trailing PE of 34 times against peer average of 23 times.
The acquisition was rejected over concerns it could monopolise power purchase agreements (PPAs) in Map Ta Phut and violate certain sections of the Energy Business Act.
The company plans to use the proceeds for debt repayment and business expansion.
Minor has signed at least two hotel management contracts in Japan, and is looking for acquisitions because Japan is the top destination for Thai travellers.
The unit, Ngern Tid Lor Co Ltd, offers credit and insurance to the underbanked and self-employed population in Thailand.
The first close was led by Chanond Ruangkritya, founder of real estate developer Ananda Development PCL, and Sittichai Leeswadtrakul, CEO and President of steel firm Millco.
Osotspa, which makes beverages under the M-150 and Shark brands, adds to the $1.5 billion raised through Thai IPOs this year.
In September last year, Central Group and JD.com had announced two joint ventures for e-commerce and fintech with Provident Capital with an aggregate investment of up to $500 million.
Thailand Future Fund plans to use proceeds from what will be the country’s largest public listing this year to fund infrastructure projects in the country. Initial purchasers include J.P. Morgan Securities Plc and Merrill Lynch.