Carabao Founder's CJ Express Weighs $500 Million Thai IPO, Sources Say




  • In Business
  • 2022-12-02 02:26:40Z
  • By Bloomberg
 

(Bloomberg) -- CJ Express Group Co., a retail chain founded by energy drink tycoon Sathien Setthasit, is considering an initial public offering in Bangkok to raise at least $500 million, according to people familiar with the matter.

Most Read from Bloomberg

  • Musk's Neuralink Hopes to Implant Computer in Human Brain in Six Months

  • An Arizona County's Refusal to Certify Election Results Could Cost GOP a House Seat

  • Beverly Hills Cop Was California's Highest-Paid Municipal Worker

  • New York, Singapore Are the World's Most Expensive Cities Right Now

  • Stocks Churn After Big Rally With VIX Now Below 20: Markets Wrap

The Thai supermarket company whose biggest shareholder is also Carabao Group Pcl's chief executive officer is working with advisers on an offering that could take place as soon as next year, the people said, asking not to be identified as the information is private. CJ Express's IPO could raise $500 million to $800 million, one of the people said.

Discussions are ongoing and details of the potential offering such as size and timing could change, the people said. A representative for CJ Express didn't respond to requests for comment.

First-time share sales in Thailand have proved relatively resilient amid a global slowdown in capital raising, with firms raising nearly $4 billion so far this year, effectively flat versus the same period in 2021, data compiled by Bloomberg show. Global IPO volumes have fallen nearly 70% year on year, due to factors including rising rates and geopolitical tensions.

Pet food maker I-Tail Corp. is expected to list this month in Bangkok and could be Thailand's second-largest IPO this year, after Thai Life Insurance Pcl's June listing raised about $1 billion.

CJ Express was established in 2005 and operates supermarkets as well as other retail outlets, according to the company's website. As of Nov. 30, the company has about 900 branches in 40 provinces nationwide, and plans to expand to the other 37 provinces.

Big C Supercenter Pcl, which runs supermarkets and convenience stores in Southeast Asia, is also considering going public in the country next year through an offering that could raise more than $500 million, Bloomberg News has reported.

(Updates IPO data in fourth paragraph.)

Most Read from Bloomberg Businessweek

  • TikTok's Viral Challenges Keep Luring Young Kids to Their Deaths

  • Forget Zoom Calls, Remote Work Startups Want to Build a Virtual Office

  • The Avatar Sequel Is a Make-or-Break Moment for Disney's $71 Billion Fox Deal

  • FTX's Collapse Validates Gary Gensler's Crypto Skepticism

  • Car Price Divergence Hints at More Painful Inflation Ahead

©2022 Bloomberg L.P.

COMMENTS

More Related News

ECB Plan for Next Big Hike Makes Lagarde Last Hawk Standing
ECB Plan for Next Big Hike Makes Lagarde Last Hawk Standing

(Bloomberg) -- Late to the global interest-rate hiking party, the European Central Bank is trying to convince everyone that it will also be one of the last...

Total Says Adani Exposure Is Just 2.4% of Capital Employed
Total Says Adani Exposure Is Just 2.4% of Capital Employed

(Bloomberg) -- France's TotalEnergies SE said its exposure to Adani Group companies was $3.1 billion of capital employed at the end of December, a small...

China Stock Rally Falters as Investors Seek Fresh Impetus
China Stock Rally Falters as Investors Seek Fresh Impetus

(Bloomberg) -- Chinese stocks saw their worst week in more than a month as investors looked for further catalysts to sustain a world-beating rally since the ...

Adani in Talks to Prepay Share Pledges to Boost Confidence
Adani in Talks to Prepay Share Pledges to Boost Confidence

(Bloomberg) -- Embattled billionaire Gautam Adani is in talks with creditors to prepay some loans backed by pledged shares as he seeks to restore confidence ...

India Parliament Adjourns for a Second Day Over Adani Issue
India Parliament Adjourns for a Second Day Over Adani Issue

(Bloomberg) -- Both houses of India's parliament were adjourned for a second day on Friday after opposition sloganeering and demands for a parliamentary...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business