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Central Group's retail unit cuts target IPO price

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Central Group's retail unit cuts target IPO price

The retail unit of Thai conglomerate The Central Group slashed the price range for its IPO to between 40 baht and 43 baht per share, Reuters reported Jan. 16, citing a filing to the Stock Exchange of Thailand.

The new range is at the lower end of Central Retail Corp. PCL's initial target IPO price range of 40 baht to 48 baht per share but could still raise 67.6 billion baht to 72.7 billion baht, the report said.

The development comes a day after it was reported that the Central Group is close to securing cornerstone investors for the planned listing. The company is reportedly gaining strong interest for the lower end of the IPO's initial price range.

Central Retail will offer 1.69 billion shares and an overallotment option of 169 million shares when its IPO takes place Jan. 29.

Central Group did not immediately respond to S&P Global Market Intelligence's request for comment.

As of Jan. 16, US$1 was equivalent to 30.40 Thai baht.