Thailand’s Central Group hopes for $1B retail IPO
Department stores are closing down faster than popsicle stands in November in most parts of the world, but Thailand’s largest retailer makes news today with news of plans to use its collection of department stores to anchor a hoped for $1 billion IPO. The overseas adventures of Chinese developers also grab some ink today as Dahua Group plans an A$1.5 billion suburban community near Sydney and a Jiangsu construction company gets into Indian residential projects.
Central Group, one of Thailand’s biggest conglomerates, is studying options including a potential initial public offering of retail assets, people with knowledge of the matter said.
The group is working on a restructuring of its retail operations ahead of a possible IPO as soon as next year, the people said, asking not to be identified because the information is private. The listing could include department store businesses owned by Central, according to one of the people. Any share sale could raise at least $1 billion, the people said.