(March 21): Thai shopping mall owner Siam Piwat Co is moving closer to what would be the country’s biggest initial public offering (IPO) in about two years, according to people with knowledge of the matter.

The Bangkok-based company is asking international banks to submit proposals for a potential first-time share sale that may take place before the end of this year, the people said, asking not to be identified as the process is private. Siam Piwat is aiming to raise US$500 million (RM2.34 billion) to US$750 million in the IPO, they said, adding that deliberations are ongoing and it could decide not to list.

The considerations coincide with a rebound in tourism to Thailand after travel dried up during the Covid-19 pandemic, with overseas visitors topping eight million this year already, government figures show.

A representative for Siam Piwat referred a query from Bloomberg News to a September statement, where the company said it was planning to expand in Thailand and elsewhere in Asia. At the time, it said it had appointed Kiatnakin Phatra Securities and Kasikorn Securities to advise on its expansion and fundraising, including a possible listing in Bangkok at some point.

The country’s most recent major IPO was Thai Life Insurance PCL’s in 2022, when it raised over US$1 billion. First-time share sales in Thailand total US$253 million so far this year, down from US$297 million over the same period in 2023, according to data compiled by Bloomberg.

Founded in 1959 as Bangkok Inter-Continental Hotels Co, Siam Piwat adopted its present name in 2003 and owns several high-end shopping centres, including Siam Paragon and Iconsiam in Bangkok.