ThaiFoods Group Plc (TFG), a company based in Thailand that operates in the sector of integrated poultry business involving hatcheries, contract farming, raw chicken meat processing for export and domestic distribution – will be delaying its initial public offering (IPO), informed Winai Teawsomboonkit, chairman of the executive committee and chief executive officer (CEO) of the company.
The IPO involved the sale and listing of company’s 1400 million shares on Thailand’s SET market in September 2015
According to issue advisers TFG and KT Zmico Securities, the company decided to delay the listing due to unfavourable domestic and global economic environment; another risk factor was the domestic political unrest and recent bombings in the country.
“The company has delayed the IPO for indefinite period as there are too many risk factors that can impact our business. But we are confident that both retail and institutional investors will interested in TFG ‘s share when the company decides to list on the SET,” he said.
Earlier, TFG had suggested an IPO price in the middle price range of 2.10-2.30, following the book-building. Of the 1,400 million IPO shares on offer, 40 per cent were to be allocated to the institutional investor, while the retail investor was to be offered the balance 60 per cent.
TFG expected to raise 1 billion baht from the 1,400 million shares.