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Thai Life eyes largest IPO in Southeast Asia this year

Thai Life Insurance (TLI) has announced that it will be seeking to raise up to USD1bn in an initial public offering (IPO) next month, pricing shares at THB16 each in what could be the region's largest IPO this year. TLI said it aims to raise THB34.4bn for its first-time share sale and up to THB37bn if an over-allotment option is exercised. TLI is offering 2.1 billion shares, about 18.8% of total shares and a greenshoe option of 161.3 million shares. TLI has a total premium market share of 12.9% in the three months ending in March. Chief financial officer Michael Heang Ly said insurance agents contributed to 68% of premiums while a quarter came from partnerships.

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