One of Thailand’s largest retailers Tesco Lotus hopes to generate at least Bt17bn (US$552m) from an Initial Public Offering (IPO) of a property fund.
Fox Business has reported half of the fund would be offered to public investors, while the remainder would be allocated to both local and foreign institutional investors and Ek-Chai Distribution System Co – the operator of Tesco Lotus in Thailand.
The fund would likely be listed on the Thai stock exchange in mid-March, the news source reported, adding that the IPO still needed approval from the Securities and Exchange Commission.
Tesco Lotus property director Sompong Rungnirattisai said revenue generated from the IPO would be used to expand the retailer’s business and renovate its existing branches in Thailand.
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