Thai Life Insurance has reportedly raised $1bn from an initial public offering (IPO) in Thailand.
The raise follows earlier reports that the company was eyeing an IPO, in which it would sell 2.16 billion shares for 16 baht ($0.45) each.
According to a report from Reinsurance News, the raise is the largest share sale by a Thai firm in more than a year, and is also the country’s largest IPO since Ngern Lor pcl raised $1.1bn in May 2021.
The Bangkok-based life insurer and two of its major shareholders sold a combined 2.32 billion shares, which included a green-shoe option, at 16 baht each to domestic and international investors.
Moreover, Thai Life shares will start trading on the Stock Exchange of Thailand from July 25, the insurer said.
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