Asset World Corp., the hospitality and property firm listed by Thai billionaire Charoen Sirivadhanabhakdi, and Philippine home furnishing retailer AllHome Corp. raised $1.6 billion and $285 million, respectively.
"The home improvement industry in the Philippines is under penetrated so we thought of introducing a retail concept with global standards which eventually complements our expertise as the largest homebuilder in the country," Villar, AllHome's chairman, said in a statement.Asset World Corporation was the largest IPO by a Thai firm, while AllHome was the Philippines' biggest in three years.
"We expect Thailand to be one of the stronger IPO markets in 2020. Some more large IPOs have started preparations this year and are set to list next year," said Ho Cheun Hon, head of Southeast Asia equity capital markets at Credit Suisse. Bankers said the 2020 deal pipeline for Thailand included fund raising by a unit of the country's biggest retailer Central Group, a retail arm of oil company PTT Pcl and others.
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