Thailand’s I-Tail starts trading in Bangkok

 

Bloomberg

I-Tail Corp Pcl, Thailand’s top pet food maker, ended lower in its trading debut after the country’s second-largest initial public offering this year.
Shares of the Bangkok-based company closed at 31 baht, 3.1% below its IPO price of 32 baht, erasing gains of as much as 5.5% earlier. The unit of frozen and seafood products maker Thai Union Group Pcl raised 21.1 billion baht ($606 million) after selling 660 million shares at the top of a marketed range. It’s the largest debut in Bangkok since Thai Life Insurance Pcl in July.
The offering marks a year of some resilience for Thailand’s IPO market, as improving sentiment toward local equities and the participation of local investors saw the execution of several deals even as they vanished in traditional venues.
About $3.2 billion was raised in proceeds in the Southeast Asia country this year, a 20% annual drop that compares with a 44% plunge across Southeast Asia and a 70% decline in Hong Kong.
The company’s line of products include mini-pouch tuna flakes and vitamin drinks for cats, according to its website.

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