Singapore: ThaiBev’s BeerCo IPO could take place in Q3 2025

Could Thai Beverage ’s much-anticipated Singapore initial public offering (IPO) for BeerCo materialise this year?

In a presentation deck posted on Jan 20, ThaiBev revealed that BeerCo reported a 12% y-o-y growth in its FY2024 earnings of $214 million compared to the 25% y-o-y drop in its FY2023 earnings of $191 million, reflecting better market conditions, The Edge Singapore reported on January 20.

ThaiBev also highlighted several upside factors for BeerCo including seeing a “strong momentum” for BeerCo’s sales in Thailand in 2025 from stronger demand for key brands and higher demand for Chang Beer. BeerCo outperformed the industry in Thailand in 2024 under a “more supportive macro backdrop”. The Asean region is also tipped to be the fastest-growing beer market in the world.

Other factors include BeerCo’s gaining market share in Vietnam’s mainstream and mass premium beer segments, seeing a clear recovery in its Vietnam operations in FY2024, robust margin expansion from higher prices, premiumisation and optimisation, as well as its expansion to the fast-growing Cambodian market.

ThaiBev first flagged the possibility of a spin-off BeerCo listing in early 2021 but it ended up being deferred due to “uncertain market conditions”.

However, during ThaiBev’s results call for the FY2024 ended Sept 30, 2024, Michael Chye, chief of ThaiBev’s beer product group told the media that BeerCo’s IPO could take place in 3Q2025 if the group decides on a share sale by December 2024. ThaiBev’s CEO Thapana Sirivadhanabhakdi also told Bloomberg in October 2024 that the group “received good interest” from potential partners.

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