The Thailand-based hospitality firm has received approval for its IPO listing from the Thai securities regulator and is now gauging interest from investors.
Asset World is reportedly meeting investors in Singapore this week to gauge demand, following its IPO approval from the country's Securities & Exchange Commission on August 23 and meetings with Thai investors last week, «Bloomberg» reported.
The firm builds hotels, shopping malls and office buildings, and is run by Charoen Sirivadhanabhakdi, Thailand's richest person worth an estimated $17.6 billion.
In June, Asset World announced plans to float up to 37 percent of the company in an IPO. The funds raised will go towards expansion and paying off its debt. «Reuters» said the company currently has 3,400 hotel rooms in its portfolio and plans to purchase 12 hotels this year, bringing its total to 8,500 rooms.
Big Year for Thai IPOs
The Asset World listing, which is expected to raise between $1 billion and $1.5 billion, is set to be one of Thailand's largest IPOs this year, «Bloomberg» said.
«Reuters» has called Thailand «Asia's Hottest IPO Market» with more than $5 billion expected to be raised in the second half of 2019, making it the country's strongest year for IPOs since 2013, when its companies raised over $6 billion.
Other mega listings on the way include the retail arm of state-owned oil company PTT and a unit of the country’s largest retailer Central Group
