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CVC-Backed Thai Lender Ngern Tid Lor Weighs $1 Billion IPO

  • Bank of Ayudhya microfinance subsidiary could list in 1H 2021
  • Firm is working with Morgan Stanley, Phatra Securities and UBS
Thailand Stock Exchange Aims to Boost Trading with More Products

Photographer: Brent Lewin/Bloomberg

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Ngern Tid Lor Co., a Thai microfinance company controlled by Bank of Ayudhya Pcl, has picked banks to explore a potential initial public offering that could raise as much as $1 billion, people with knowledge of the matter said.

The lender and insurance broker is working with Morgan Stanley, Phatra Securities Pcl and UBS AG on preparations for the possible IPO in Bangkok, which could launch as soon as in the first half of next year, the people said, asking not to be identified because the information is private.