Chang Beer producer Thai Beverage expects to raise between US$750m and US$1bn in its Singapore initial public offering, according to financial sources.

The long-delayed IPO will amount to about 20% of the Thai brewer and distiller. The sources said the price of the float was expected to be below SGD0.50 (US$0.32) a share.

"There is a large number of shares. They do not plan to consolidate the shares, so it will be a penny stock," a fund manager who attended the firm's pre-marketing presentation told Reuters today (28 April). The listing looks set for late May or early June.

The company, which has 60% of the Thai beer market, had initially considered listing in Thailand but moved to Singapore following anti-alcohol objections at home.