SINGAPORE, Feb 23 (Reuters) – Malaysian pet food maker Pet World Nutritions is planning an initial public offering (IPO) in Singapore to raise up to $100 million, two sources with knowledge of the matter told Reuters in what could be the largest IPO in Singapore in over a year.
The bid could boost Singapore’s IPO activity, which totaled just $68.7 million last year excluding special purpose entity IPOs, according to Refinitiv data, up from $1.94 billion in 2021.
The last time the city-state hosted a more than $100 million IPO was in December 2021, when Digital Core REIT (DIGT.SI) raised $977.35 million.
The size of Pet World’s IPO could change as it is still under consideration, one of the sources said.
The company confirmed it would conduct an IPO, but declined to comment on financial details.
Pet World, which makes cat food ProDiet and dog food ProBalance, said it expects to debut on the Singapore Stock Exchange as early as late 2023.
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Proceeds from the bid would be used to further expand the business, it added, responding via email to questions from Reuters.
The IPO comes as rising disposable incomes and improving consumer lifestyles in Southeast Asia have prompted more people to own pets.
According to market research firm Future Market Insights, the pet care market in the region is expected to grow to an estimated $3.08 billion by 2032, from a record $1.6 billion in 2022.
Thai pet food maker i-Tail Corp (ITC.BK) raised 21.1 billion baht ($611 million) in November in Thailand’s second-biggest IPO of 2022.
Founded in 2006 by Malaysian entrepreneur Choy Peng Yew, Pet World Nutritions produces more than 100,000 tons of pet food annually, according to its website.
In addition to Malaysia, the Selangor-based company counts Thailand, Indonesia, China, Taiwan, Singapore and Brunei among its markets, its website reveals.
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Reporting by Yantultra Ngui; Edited by Bradley Perrett
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