Biggest Singapore IPO in nearly a decade might be brewing for ThaiBev's brewery business

SINGAPORE - Thai Beverage Public Co is considering an initial public offering of its brewery business in what could be the biggest listing in Singapore in close to a decade, people with knowledge of the matter said.

The IPO is likely to be the Singapore bourse's biggest since the 2011 listing of Hutchison Port Holdings Trust, which raised US$5.5 billion. At a valuation of US$10 billion, the unit will also rank among the region's biggest beer companies like China's Tsingtao Brewery Co, although still far smaller than Budweiser Brewing Co, the Asian unit of beer giant Anheuser-Busch InBev.

ThaiBev is best known for producing Chang, a lager whose green bottles are adorned with an image of two elephants. It also brews Archa beer and the German-inspired Federbrau brand. In 2017, ThaiBev's Vietnamese affiliate agreed to buy a controlling stake in Sabeco, the country's largest brewer, for about US$4.8 billion.

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