Big C Supercenter Pcl, which runs supermarkets and convenience stores in Southeast Asia, is considering going public again in Bangkok through an initial public offering that could raise more than $500 million, according to people familiar with the matter.
(Bloomberg) — Big C Supercenter Pcl, which runs supermarkets and convenience stores in Southeast Asia, is considering going public again in Bangkok through an initial public offering that could raise more than $500 million, according to people familiar with the matter.
The Bangkok-based company is sounding out investment banks for proposals for the share sale, which could happen as soon as next year, the people said, asking not to be identified as the information is private.
Discussions are ongoing and details of the potential offering such as fundraising size and timing could still change, the people said.
Berli Jucker Pcl, the owner of Big C, hasn’t made any conclusion on the IPO plans of the grocery retailer, said in an exchange filing on Wednesday. The company said it will inform the exchange if there is any progress.
Big C was founded by Thailand’s Central Group in 1993 and opened its first store on Chaengwattana Road. The company raised about 4.2 billion baht ($112 million) in a Thai IPO in 2012.
TCC Holding Co., controlled by Thai billionaire Charoen Sirivadhanabhakdi, in 2016 agreed to purchase a 58.6% stake in Big C for 3.1 billion euros from French retailer Casino Guichard Perrachon SA. Big C was delisted in 2017 after Berli Jucker, a subsidiary of TCC, took it private.
Big C operates 1,792 stores including convenience stores, supermarkets and hypermarkets in Thailand, Vietnam, Laos and Cambodia, according to its latest presentation. The company earlier this year acquired 18 Kiwi Mart stores in Cambodia and plans to rebrand them into Big C Mini stores.
Companies have raised about $2.5 billion through first-time share sales in Thailand so far in 2022, down from around $4 billion for the same period last year, amid a global slowdown in dealmaking, according to data compiled by Bloomberg
–With assistance from Anuchit Nguyen.
(Updates BJC’s response in fourth paragraph.)
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