What we know about the new IPO of Thai pet food manufacturer i-Tail
The pet business of the tuna multinational Thai Union plans to raise up to $590 million by the end of the year and expand to new markets after going public.
According to a filing document, the company wants to sell between ฿19.8 billion ($554M) and ฿21.1 billion ($590M) on stocks to the public. This is about 22% of the firm value and the final share price will be announced on 28 November 2022
The Bangkok-based company said the shares are receiving “great attention” from institutional investors worldwide. “There are a total of 27 well-known institutional investors both domestically and internationally,” it said.
i-Tail will trade on the Stock Exchange of Thailand in the food and beverage category by December 2022.
Eyeing the US, Europe, and China
The pet food company aims to use the capital injection from going public to invest in a new automatic warehouse system and introduce new products within the premium segment.
It also wants to expand its footprint to new key markets. “We will continually expand our market share and customer base by increasing the variety of products, expanding sales and business support teams in key markets, especially in Europe, the United States, and China, along with expanding the business to markets with potential growth,” said Pichitchai Wongpiya, CEO at i-Tail.
Thai Union’s pet portfolio accounted for ฿23.7 billion ($670M) last year, 17% of the total group sales. According to the company, pet care sales and margins expanded “remarkably” compared to pre-COVID levels.
