SGG Chemicals eyes raising $3bn in largest Thai IPO yet

RIYADH: SCG Chemicals Pcl, a unit of Thailand’s largest and oldest cement and building material company Siam Cement Pcl, is looking to raise as much as $3 billion in the largest Thai initial public offering yet, Bloomberg reported, citing sources familiar with the matter.

The firm is intending to offer up to 3.85 billion new shares to raise the funds.

This comes as SGG Chemicals aims to allocate the fund to debt payment as well as business expansion purposes in Southeast Asia to tap growing demand for its products.

The price range and fundraising size are yet to be disclosed. 

The petrochemical company announced that it plans to secure at least $2 billion in the Bannock IPO in 2022.

Should the company reach its $3 billion target, it will surpass Thailand’s record Central Retail Corp Pcl’s $2.3 billion offering back in 2020.

At $3 billion, SGG Chemicals will also be South Asia’s largest first-time share in 2022, ahead of GoTo Group’s $959 million offering.