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Thailand's TCC targets $1.6bn in IPO of property arm

Asset World eyes land for tourist hotels and Bangkok complexes

The Asiatique riverfront shopping center is Asset World's flagship property in Bangkok.   © Asset World Corp.

BANGKOK -- Thailand's TCC Group expects to raise as much as 48 billion baht ($1.57 billion) by listing a real estate subsidiary, in what could be the biggest initial public offering by a company here outside of an investment fund.

The float of Asset World, announced Wednesday, is set to occur as soon as next week . Up to 8 billion new shares will hit the market at 6 baht each, including possible overallotment shares, equating to 25% of the unit.

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