Thailand's Asset World Corp. Co. Ltd., or AWC, is planning an IPO that could raise at least US$1.5 billion, Bloomberg News reported, citing people with knowledge of the matter.

AWC is a unit of Thai conglomerate TCC Holding Co. Ltd., owned by Thailand's richest man, Charoen Sirivadhanabhakdi. TCC is also the majority stakeholder of Frasers Property Ltd.

Citing the sources, the news agency said the conglomerate asked banks to pitch for a role on the share sale of AWC, with an aim to list the unit in Bangkok in 2019.

Besides having a hospitality business, the unit develops shopping centers and office space in the country.

The size of the deal may change with market conditions, according to the Oct. 18 report, which added that details of the offering are still being discussed.

Representatives from AWC and TCC Group's property division declined to comment, the report added.