GIC largest international cornerstone investor in Thai Life IPO

THAI Life Insurance’s initial public offering (IPO), aiming to raise up to US$1.04 billion, will be sold to 18 domestic and international cornerstone investors.

These investors will account for about 50 per cent of the IPO, the largest in South-east Asia so far in 2022, according to a term sheet seen by Reuters. The bookbuilding process will open Thursday (Jun 30).

Thai Life did not immediately respond to a request for comment.

GIC is the largest among international cornerstone investors - those who commit in advance to invest a fixed amount of money, or for a fixed number of shares, in an IPO - and has subscribed for about US$164 million worth of shares followed by Oaktree Capital and Ghisallo Master Fund, according to the term sheet.

On the domestic front, the asset management arms of Siam Commercial Bank, Kasikorn and Krungsri are the biggest major local investors to subscribe for stock.

Thai Life aims to raise US$972 million for its first-time share sale and US$1.04 billion if an overallotment option is exercised, the company said in a filing on Monday.

Retail investors in Thailand will have access to US$318 million worth of stock, the term sheet said.

Follwing the deal, Thai Life will have an implied market capitalisation of about US$5.2 billion.

IPO proceeds would provide working capital, support digital transformation and strengthen distribution channels with partners, the company said.

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The IPO would be the largest equity capital market deal in South-east Asia in 2022, according to Refinitiv data, with just US$2.38 billion worth of IPOs in the region so far compared to US$6.1 billion at the same stage last year. REUTERS