Thailand’s largest meat producer plans IPO in Vietnam

Thailand’s largest meat producer, Charoen Pokphand Foods Plc (CPF), is preparing to speed up the initial public offering (IPO) and listing of its biggest offshore unit in Vietnam to fund expansion.

CPF CEO Prasit Boondoungprasert said the company will begin the IPO process as soon as it receives Vietnamese authorities’ approval.

According to the CPF, Vietnam accounted for the largest share of the firm’s offshore sales last year, about 21% or THB 122 billion ($3.5 billion). China was second with a contribution of around 6%.

Prasit said Vietnam will become the CPF’s biggest growth driver for years to come with its strong economic growth and large population. The listing there will provide new financial resources and also build its recognition in Vietnam.

The CPF has boosted its investments in animal feed, farm and food facilities worldwide amid slowing growth and an ageing population in Thailand. The company has operations in 18 markets including the US, Brazil, Russia, and China.

It returned to a profit of THB19.6 billion ($576 million) in 2024, after reporting a net loss of THB 5.21 billion in the previous year, supported by earnings rebound at its pork businesses in Vietnam and China. The profit was also its highest full-year earnings since 2020.

The CPF expects total revenue to grow by 5% to 8% in 2025 and to book higher profit on further earnings improvement of overseas operations, especially in Vietnam and China.