Thailand poised to become biggest IPO market in Southeast Asia this year

Photographer: Anthony Kwan/Bloomberg

Thailand is shaping up to be the biggest Southeast Asian initial public offering market this year, with the country’s biggest packaging company kicking off a $1.27 billion offering on Monday.

SCG Packaging Pcl set a price range of 33.50 baht to 35 baht for its 1.13 billion share offering, putting the Siam Cement Pcl unit’s float on course to be Thailand’s second-largest offering this year.

Almost $3 billion has been raised from Thai IPOs so far in 2020, most of it from Central Retail Corp.’s $2.5 billion IPO in February before global markets saw the worst of the impact from the pandemic. Across Southeast Asia, just $4.23 billion has been raised from first-time share sales, 21% down from the same period a year earlier, according to data compiled by Bloomberg.

No other market in the region has had IPO volumes exceeding $1 billion this year, the data show. Singapore is closest with $515 million raised. Just $71 million, a decade low, has been raised in Malaysia, although issuers there are gearing up again.

Relatively lower liquidity and lagging stock-market performance in Southeast Asia has meant share sales in the region have been slower to recover versus other markets like Hong Kong and China, both of which have enjoyed some of their busiest periods in years. Many countries in Southeast Asia are also lagging in emerging from coronavirus-induced lockdowns.

The second quarter was one of the slowest for Southeast Asian IPOs in more than a decade. Some $605 million was raised in the region in the three months to June, the second-lowest quarter since $330 million was raised in the third quarter of 2009.

Upcoming listings

  • ZTO Express
    • Hong Kong stock exchange
    • Size up to $1.6b
    • Pricing Sept. 22, listing Sept. 29
    • Goldman Sachs
  • Ming Yuan Cloud
    • Hong Kong stock exchange
    • Size $797m
    • Listing Sept. 25
    • CICC, Citi
  • Zai Lab
    • Hong Kong stock exchange
    • Size up to $883m
    • Pricing Sept. 22, listing Sept. 28
    • JPM, Goldman Sachs, Citi
  • Baozun
    • Hong Kong stock exchange
    • Size up to $536m
    • Pricing Sept. 23, listing Sept. 29
    • Citi, CMB International, Credit Suisse
  • Huazhu Group
    • Hong Kong stock exchange
    • Size $783m
    • Trading Sept. 22
    • Goldman Sachs, CMBI
  • Joy Spreader Interactive Technology
    • Hong Kong stock exchange
    • Size up to $225m
    • Books close Sept. 15
    • China Securities, China Merchants Securities, BOCOM International
  • Neusoft Education
    • Hong Kong stock exchange
    • Size up to $134m
    • Pricing Sept. 22, listing Sept. 29
    • Citic Securities
  • JHBP (Genor Biopharma)
    • Hong Kong stock exchange
    • Pre-marketing Sep. 14-16
    • Goldman Sachs, JPMorgan, Jefferies
  • Kioxia
    • Tokyo stock exchange
    • Size $2.9b
    • Pricing expected Sept. 28, listing Oct. 6
    • Morgan Stanley, Goldman Sachs, JPMorgan, Nomura, Bank of America
  • Big Hit Entertainment
    • South Korea exchange
    • Size up to $812m
    • IPO pricing on Sept. 28, subscription from Oct. 5-6
    • NH Investment, Korea Investment, JPMorgan
  • Gland Pharmacy Ltd.
    • India stock exchanges
    • Filed July 10
    • Citi, Haitong, Nomura, Kotak
  • Computer Age Management Services
    • BSE
    • Size up to $304m
    • Offer period from Sept. 21-23
    • Nomura, Kotak Mahindra, HDFC, ICICI

Bloomberg

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.