Thai Beverages PCL is expected to raise around 30 billion baht ($1=THB39.924) at an initial public offering in the second quarter of next year, according to an adviser to the offering December 01, Dow Jones reported. The size of Thai Beverages' IPO is likely to be around THB30 billion," said Supachai Watcharawasutara, an executive vice president for investment banking at Phatra Securities, a financial adviser for the deal. Thai Beverages brews Chang Beer as well as Mekong and Saeng Som whisky.

Phatra Securities had earlier advised tycoon Charoen Sirivadhanabhakdi, the founder and major shareholder of Thai Beverages, to list his liquor empire under Beer Thai (1991) in the fourth quarter of this year or early 2004. Business reorganization, however, resulted in some changes in the listing plans, Supachai said.

Other financial advisers are SCB Securities, Merrill Lynch, JP Morgan. Phatra Securities is also the financial adviser of three state enterprises that plan to launch IPOs next year, Supachai said. They are Airports of Thailand, Electricity Generating Authority of Thailand, and telecommunication agency TOT PCL. Phatra Securities was formerly known as Merrill Lynch Phatra Securities, which was a joint venture between Merrill Lynch & Co. and Kasikornbank PCL.

The change in name became effective December 01, after Merrill and Kasikornbank agreed to sell their stakes to the company's management and a few other investors in July.

03 December, 2003