Central Retail Corporation Debuts in Thailand’s Largest IPO

Central Retail Corporation, which operates a consumer portfolio across Thailand, Vietnam, and Italy, began trading today on the Thai stock exchange, in an initial public offering that raised 78,124 million Thai baht, or $2.48 million at current exchange, valuing the company at 253 billion baht, or $8.06 billion. The firm is a subsidiary of Central Group, the influential Thai conglomerate owned by the Chirathivat family, and is its latest division to go public. The company’s other two subsidiaries, operating in the shopping mall development and hospitality, are already listed on the Thai stock exchange. After listing, the Chirathivat family still holds 70 percent of CRC share ownership. “CRC is very proud to make a new mark with a success in becoming the country’s largest IPO ever, as well as being the world’s second highest ranking IPO offered by retailers,” Yol Phokasub, chief executive officer of CRC said Thursday. “Notwithstanding ongoing challenges that bring short-term impact to Thai capital market, the remarkable deal reflects investor confidence in our long-term potential and growth opportunity driven by our strong and stable fundamentals that propels organic growth through expansion and stores’ renovation of our leading retail banners in Thailand, Vietnam and Italy, with plan and target number

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