A retail chain called Bloomberg CJ Express Group Co., founded by energy drink tycoon Sathien Setthasit, is considering an initial public offering in Bangkok to raise $500 million, according to people familiar with the matter.
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The people said that the Thai supermarket company whose biggest shareholder is Carabao Group Pcl's chief executive officer is working with advisers on an offering that could take place as soon as next year, and asked not to be identified as the information is private. One person said that CJ Express's IPO could raise $500 million to $800 million.
The people said that there are ongoing discussions and details of the potential offer could be changed, as well as size and timing. A CJ Express representative didn't respond to requests for comment.
In Thailand, share sales have proved relatively resilient despite a global slowdown in capital raising, with firms raising nearly $4 billion this year, which is flat compared to the same period in 2021, according to data compiled by Bloomberg. The global IPO volume has fallen nearly 70% year on year due to 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 $1 billion.
According to the company s website, CJ Express was founded in 2005 and operates supermarkets as well as other retail outlets. The company plans to expand to the other 37 provinces as it has more than 900 branches in 40 provinces as of Nov. 30, and plans to expand to the other 37 provinces.
Big C Supercenter Pcl, which runs supermarkets and convenience stores in Southeast Asia, is considering going public next year through an offering that could raise more than $500 million, Bloomberg News reported.