Tesco Plc (TSCO)’s Thai unit raised 18.4 billion baht ($601 million) in an initial public offering of a property fund, said two people with knowledge of the matter.
Ek-Chai Distribution System Co., controlled by the U.K.’s largest retailer, sold shares at 10.40 baht each, said the people, who declined to be identified before a public announcement. The company was offering 1.77 billion shares at 9.65 baht to 10.40 baht apiece.
Reuters yesterday reported that Tesco’s Thai property fund raised 18.4 billion baht after pricing its IPO at the top end of the marketed range, citing unidentified people.
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