By Joyce Koh
Charoen Sirivadhanabhakdi’s TCC Group aims to list its Asset World Corp. unit in Bangkok next year.
The Indonesian ride-hailing giant is up against strong local habits and customs around transportation in Thailand, Go-Jek’s Vice President for International Expansion, Andrew Murphy, said.
The round was joined by Mitsui Fudosan’s corporate venture arm, 31VENTURES, and existing backer Indonesian VC firm Sinar Mas Digital Ventures (SMDV).
The IPO was priced at the top end of the 10.60-11.60 baht range, giving it a trailing PE of 34 times against peer average of 23 times.
The acquisition was rejected over concerns it could monopolise power purchase agreements (PPAs) in Map Ta Phut and violate certain sections of the Energy Business Act.
The company plans to use the proceeds for debt repayment and business expansion.
Minor has signed at least two hotel management contracts in Japan, and is looking for acquisitions because Japan is the top destination for Thai travellers.
The unit, Ngern Tid Lor Co Ltd, offers credit and insurance to the underbanked and self-employed population in Thailand.
The first close was led by Chanond Ruangkritya, founder of real estate developer Ananda Development PCL, and Sittichai Leeswadtrakul, CEO and President of steel firm Millco.
Osotspa, which makes beverages under the M-150 and Shark brands, adds to the $1.5 billion raised through Thai IPOs this year.