Thai retailer Tesco Lotus has generated US$602m with an Initial Public Offering (IPO) of its property fund.
According to a report by the Wall Street Journal, the company generated the high return by setting units in the fund at the top end of the price range. Prices for the IPO had been set at Bt9.65 (US$0.32) to Bt10.40. Shares in the fund would begin trading in Bangkok towards the middle of this month, the newspaper added.
The Tesco Lotus property fund comprises 17 retail properties across the country, each featuring a Tesco Lotus supermarket. According to the newspaper it is Thailand’s largest property fund.
The strong pricing was driven in part by interest in the country’s stock market, the report stated.
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