Thai Life secures significant foundation financiers for $1 billion IPO

Thai Life secures significant foundation financiers for $1 billion IPO

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HONG KONG, June 28 (Reuters) – Thai Life Insurance’s going public (IPO), intending to raise approximately $1.04 billion, will be offered to 18 domestic and worldwide foundation financiers.

These financiers will represent about 50% of the IPO, the biggest in Southeast Asia up until now in 2022, according to a term sheet seen by Reuters. The bookbuilding procedure will open Thursday.

Thai Life did not right away react to an ask for remark.

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GIC Pvt Ltd is the biggest amongst global foundation financiers – those who devote ahead of time to invest a set quantity of cash, or for a set variety of shares, in an IPO – and has actually subscribed for about $164 million worth of shares followed by Oaktree Capital and Ghisallo Master Fund, according to the term sheet.

On the domestic front, the possession management arms of Siam Commercial Bank( SCB.BK), Kasikorn( KBANK.BK) and Krungsri (BAY.BK) are the most significant regional financiers to subscribe for stock.

Thai Life intends to raise $972 million for its newbie share sale and $1.04 billion if an overallotment choice is worked out, the business stated in a filing on Monday.

Retail financiers in Thailand will have access to $318 million worth of stock, the term sheet stated.

Follwing the offer, Thai Life will have an implied market capitalisation of about $5.2 billion.

IPO earnings would supply operating capital, assistance digital improvement and reinforce circulation channels with partners, the business stated.

The IPO would be the biggest equity capital market handle Southeast Asia in 2022, according to Refinitiv information, with simply $2.38 billion worth of IPOs in the area up until now compared to $6.1 billion at the very same phase in 2015.

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Reporting by Scott Murdoch in Hong Kong; extra reporting Chayut Setboonsarng in Bangkok; Editing by Kim Coghill and Rashmi Aich

Our Standards: The Thomson Reuters Trust Principles.

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