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.
The SET-listed company has seen some signs that authorities in Vietnam are beginning to consider the proposed IPO of CP Vietnam Corporation after years of inaction, chief executive officer Prasit Boondoungprasert told reporters late Wednesday. The company will begin the IPO process as soon as it receives authorities’ approval, he said.
Vietnam accounted for the largest share of CPF’s offshore sales last year, about 21% or 122 billion baht, according to a company presentation. China was second with a contribution of around 6%.
“Vietnam will become our biggest growth driver for years to come with its strong economic growth and large population,” Mr Prasit said. “The listing in Vietnam will provide new financial resources and also build our recognition in Vietnam.”
CP Foods 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 United States, Brazil, Russia and China.
The company returned to a profit of 19.6 billion baht in 2024, after reporting a net loss of 5.21 billion baht 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.
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.
US tariffs are unlikely to have much impact on its exports as the company supplies almost all of its meat and food products from its own production facilities in Thailand, Mr Prasit said. Its US operations contributed about $700 million in revenue last year.
The Chearavanont family, Asia’s second-richest with estimated wealth of $42.6 billion, are the majority shareholders of CPF. Patriarch Billionaire Dhanin Chearavanont heads the CP Group, which controls businesses ranging from convenience stores and hypermarket outlets to real estate, automobiles and telecommunications.
CPF shares on the Stock Exchange of Thailand have gained more than 5% so far this year, compared with a 17% slide in the benchmark SET Index.