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CJ Express eyes $800 million IPO in Bangkok

(Source: CJ Express)

Thai grocery retailer CJ Express Group is eyeing raising at least US$517 million in an IPO, according to Bloomberg. 

The IPO, which is expected to raise between $500 and $800 million, is scheduled for next year with a Bloomberg source saying the retailer is already working with advisers on the plan. 

CJ Express was founded in 2005 by Thai billionaire Sathien Setthasit, who is also the founder and CEO of the energy drink conglomerate Carabao Group. The company has about 900 supermarkets and retail stores across 40 provinces in Thailand and aims to expand its reach to the remaining 37. 

Earlier this year, CJ Express was reported to look into spending approximately $575 million on expanding its supermarket portfolio over the next four years, which it hopes to double to 2000. 

Besides CJ Express Group, some of Thailand’s upcoming IPOs include pet food manufacturer I-Tail Corp, which is expected to be the country’s second-largest IPO this year, and Big C Supercenter, which was estimated to raise more than $500 million. 

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