Asset World Corp raises $1.57b in Thailand’s largest corporate listing

The hospitality and property firm of Thai billionaire Charoen Sirivadhanabhakd, Asset World Corp (AWC), said on Friday it had raised 48 billion baht ($1.57 billion) in Thailand’s biggest listing of an individual company.

The company sold all 8 billion shares on offer, including an over-allotment option, at 6 baht each, in an initial public offering (IPO), Chief Executive Wallapa Traisorat told reporters.

Foreign investors took 53% of the shares and domestic investors 47%, she said.

The proceeds will be used to acquire assets, develop and renovate existing properties and repay debt, the company said.

The IPO accounts for 25% of the company’s total shares, and trading will start on Oct. 10.

“Investors are likely to respond favourably, as some of their assets like Empire Tower and Asiatique are household names even if those aren’t their core business,” said M Corp Review analyst Athaporn Arayasantiparb, referring to AWC’s office and retail brands.

AWC’s hotel business accounts for 61% of revenue, with 21.15% coming from offices and 17.8% from its retail unit.

Thirteen cornerstone investors – usually large institutional investors or well-known individuals to whom shares of an IPO are allocated — subscribed for half of AWC’s shares, according to Bank of America Merrill Lynch.

Singaporean sovereign wealth fund GIC was among foreign investors, buying $300 million worth of shares.

Bank of America Merrill Lynch, Morgan Stanley and UBS are the joint international coordinators for the offering. Domestic underwriters include Kasikorn Securities, Bualuang Securities, Phatra Securities, and Siam Commercial Bank.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.