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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.

Asset World will use the proceeds to acquire land in Bangkok and elsewhere, looking to develop multipurpose complexes. The company also plans to develop hotels in the popular tourist cities of Pattaya and Chiang Mai.

Among all Thai IPOs, this would be the biggest in six years, according to local media reports. The BTS Rail Mass Transit Growth Infrastructure Fund, a vehicle for Bangkok's Skytrain rail system, raised over 62.5 billion baht when it went public in 2013, data from the Stock Exchange of Thailand shows.

Asset World's wide-ranging portfolio carries 15 hotels, including properties under the Marriott and Hilton brands, as well as 10 shopping centers such as the Asiatique riverfront complex in Bangkok.

The real estate company is chaired by Charoen Sirivadhanabhakdi, who also leads TCC Group, a beverage and retail conglomerate. The tycoon is listed as Thailand's fourth-richest person by Forbes.

S Hotels and Resorts, the hotel arm of real estate group Singha Estate also began gauging investor interest on Monday for an initial public offering, Bloomberg reported. The CEO of Singha Estate has the IPO could raise $300 million - $400 million.

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