Thailand’s retail giant launches record-breaking IPO

Thailand’s retail giant Central Retail (CRC) launched the country’s biggest ever initial public offering (IPO) on February 20, giving it a market cap of some 8.1 billion USD in a punt on a sputtering economy now hampered by the new coronavirus disease (COVID-19).

21, Feb. 2020

(Photo courtesy of Central Retail Corporation)
(Photo courtesy of Central Retail Corporation)

HANOI, VNA – Thailand’s retail giant Central Retail (CRC) launched the country’s biggest ever initial public offering (IPO) on February 20, giving it a market cap of some 8.1 billion USD in a punt on a sputtering economy now hampered by the new coronavirus disease (COVID-19).

With this IPO, the conglomerate targets to mobilise over 71 billion THB (2.26 billion USD). The Stock Exchange of Thailand said the IPO puts CRC among Thailand’s 12 largest listed companies.

CRC Chief Executive Yol Phokasub said CRC is very proud to become the country’s largest IPO ever, adding the money raised will be used for business expansion and stores’ renovation.

Founded after World War II, CRC is owning hundreds of shopping malls, electronics stores, and convenient stores across the nation. It has been on an ambitious overseas spending spree-acquiring or partnering with luxury shopping brands in Italy, Germany and Switzerland.- VNA