Ngern Tid Lor Co., a Thai microfinance company controlled by Bank of Ayudhya Pcl, has picked banks to explore a potential initial public offering that could raise as much as $1 billion, people with knowledge of the matter said.
The lender and insurance broker is working with Morgan Stanley, Phatra Securities Pcl and UBS AG on preparations for the possible IPO in Bangkok, which could launch as soon as in the first half of next year, the people said, asking not to be identified because the information is private.
