I-Tail Corp Pcl (ITC), Thailand’s top pet food maker, climbed on its trading debut after the country’s second-largest initial public offering this year.
The pet food manufacturer is a division of Thai Union Group, the largest producer of frozen and seafood goods in the world.
Shares of the Bangkok-based company rose as much as 5.5% to trade at 33.75 baht before trimming gains to 32.25 baht as of 10:02 a.m. in Bangkok, reported Bloomberg. The subsidiary raised 21.1 billion baht ($606 million) after selling 660 million shares at 32 baht each, the top of a marketed range. It’s the largest debut in Bangkok since Thai Life Insurance Pcl. in July.
According to ITC, it is among the top ten pet food manufacturers worldwide and the number two pet food manufacturer in Asia. ITC specialises in wet pet food that contains fish.