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Tesco Lotus, the Thai subsidiary of UK retailer Tesco, gave the country's ECM bankers something to get excited about this week after it started pre-marketing a $450m IPO of some of its properties in Thailand.
The deal, which will list 17 of the company's shopping malls through a property fund, has already earned a lot of attention from investors keen to get a piece of Thailand's biggest hypermarket chain.
Analysts value the fund at between Bt16,602-Bt17,926 ($540m-$583m) and estimate it will distribute a yield of 6.4%-6.9%. But the price range will not be released until the leads launch an official roadshow after a fortnight of pre-marketing.
"We are completely full of meetings for the next two weeks -- this has attracted so much attention," said a syndicate banker at one of the leads. "It is such a big name and...