(Bloomberg) -- Pet food maker I-tail Corp. priced shares in its initial public offering at 32 baht each, the top of the marketed range in Thailand’s second-biggest listing this year.
The unit of frozen and seafood products maker Thai Union Group Pcl is offering 660 million shares, which were previously marketed at 30 baht to 32 baht each. The IPO is set to raise 21.1 billion baht ($588 million), the largest in Bangkok since Thai Life Insurance Pcl’s debut in July.
The offering gives a boost to Thailand’s IPO market in the final weeks of the year as improving sentiment toward local equities and the participation of local investors helped support Thai issuers this year.
About $3.7 billion in IPO proceeds has been raised in the Southeast Asian country so far in 2022, including i-Tail’s offering. That’s a 7.1% retreat versus the same period of last year, and compares with a slump of more than 70% in Hong Kong.
The company’s line of products include mini-pouch tuna flakes and vitamin drinks for cats and dogs, according to its website. I-tail aims to use part of the proceeds for business expansion and debt repayment.
The shares are slated to start trading in Bangkok on Dec. 9.
©2022 Bloomberg L.P.
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