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Thailand's Central Group files for IPO of retail unit

Bangkok-based conglomerate The Central Group has filed for an IPO of Central Retail Corp. Ltd. on the Stock Exchange of Thailand.

Central Group is planning to float up to 2,231,714,300 shares, or a 33.2% stake, in its retail arm. The shares include 1.62 billion shares, or 23.2% of the company, and another 611,714,300 existing shares, or 10%, held by Australian gold and base metal explorer Hawthorn Resources Ltd.

Central Group has yet to release the pricing of the offering. Phatra Securities PCL and Bualuang Securities PCL are serving as financial advisers to the group.

The IPO application confirms a report by Bloomberg News in September, which said Central Group is planning to raise around US$2 billion in the planned IPO of its retail unit. At the time, Central Group did not respond to S&P Global Market Intelligence's request for comment.

Central Retail operates 1,979 stores in Thailand. It also has 125 stores in Vietnam and nine stores in Italy, according to its website.