SINGAPORE, Feb 23 (Reuters) – Malaysian pet meals maker Pet World Nutritions is planning an preliminary public providing (IPO) in Singapore to lift as much as $100 million, two sources with data of the matter advised Reuters, in what could possibly be the largest IPO in Singapore in over a 12 months.
The providing might give a elevate to Singapore’s IPO exercise, which amounted to solely $68.7 million final 12 months, not counting IPOs of particular goal acquisition firms, versus $1.94 billion in 2021, in accordance with Refinitiv information.
The final time the city-state hosted an IPO of greater than $100 million was in December 2021, when Digital Core REIT (DIGT.SI) raised $977.35 million.
Pet World’s IPO dimension might change, as a result of it was nonetheless beneath considation, one of many sources mentioned.
The corporate confirmed that it will undertake an IPO however declined to touch upon monetary particulars.
Pet World, which makes the ProDiet cat meals and ProBalance pet food, mentioned it anticipated to debut on the Singapore inventory alternate as early as the tip of 2023.
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Proceeds from the providing can be used for additional enterprise growth, it added, responding by e-mail to questions from Reuters.
The IPO comes as rising disposable earnings and enhancing client existence in Southeast Asia have led to extra folks maintaining pets.
The pet care market within the area will develop to an estimated $3.08 billion by 2032 from a file $1.6 billion in 2022, in accordance with market intelligence agency Future Market Insights.
Thai pet meals maker i-Tail Corp (ITC.BK) raised 21.1 billion baht ($611 million) in November in what was Thailand’s second-biggest IPO of 2022.
Based in 2006 by Malaysian entrepreneur Choy Peng Yew, Pet World Nutritions produces greater than 100,000 tonnes of pet meals yearly, in accordance with its web site.
Apart from Malaysia, the Selangor-based firm counts Thailand, Indonesia, China, Taiwan, Singapore and Brunei as markets, its web site reveals.
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Reporting by Yantoultra Ngui; Modifying by Bradley Perrett
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