Thai Life raises $1b in IPO

It is Thailand’s largest IPO this year.

Thai Life Insurance has raised $1b (THB36.21b) from its initial public offering (IPO), easily the largest in Thailand this year.

The insurer and two of its major shareholders sold a combined total of 2.32 billion shares, including a green-shoe option, at 16 baht each to domestic and international investors.

Shares in Thai Life will start trading on the Stock Exchange of Thailand starting 25 July.

READ MORE: Thai Life targets $1b IPO

Thai Life shares will start trading on the Stock Exchange of Thailand from July 25, the insurer said. It was the largest IPO since Ngern Tid Lor Pcl raised about $1.1 billion in May 2021.

Thai Life plans to spend around $380m from fresh funds for its digital transformation, online distribution channel, and other investments.

Thai Life allotted 467 million shares to overseas cornerstone investors including GIC Private Ltd. and Oaktree Capital Management, according to its regulatory filing. Advisers for Thai Life’s international offering included Citigroup Inc., Bank of America Corp. Merrill Lynch and Nomura Holding Inc.

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