Thai Beverage has raised S$1.37bn (US$865.8m) from its initial listing on the Singapore Stock Exchange.

The Thai brewer and distiller said yesterday (24 May) that the IPO was priced at S$0.28, at the lower end of the indicative range. Asian stock markets have been hit in recent weeks by the prospect of interest rate hikes in the region.

Thai Beverage was "satisfied with the welcome given to the offering by investors," a company spokesman told Chinese newspaper Shanghai Daily.

The Singapore listing had prompted the head of the Thai stock market to quit after he failed to secure a listing for the Chang Beer brewer. Thai Beverage's plans for a domestic listing were scuppered by vocal opposition from Thailand's conservative Buddhist groups who feared the listing would encourage drinking, especially among younger drinkers.