Malaysian pet food manufacturer, Pet World Nutritions is eyeing an initial public offering (IPO) in Singapore to raise up to US$100 million, in what could be the biggest IPO in Singapore in over a year.
The last time the city-state hosted an IPO of more than US$100 million was in December 2021.
Pet World, which makes the ProDiet cat food and ProBalance dog food, said that it expects to debut on the Singapore stock exchange as early as end-2023. Proceeds from the offering will be used as fund for business expansion.
Growing disposable income and better consumer lifestyle in Southeast Asia has led to growing adopting of pets at home. The pet-care market in the region will grow to an estimated US$3.08 billion by 2032 from a record US$1.6 billion in 2022, according to estimates from Future Market Insights.
Established in 2006 by entrepreneur Choy Peng Yew, Pet World Nutritions produces more than 100,000 tonnes of pet food annually. The company does not only supply to Malaysia market but also to neighbouring Thailand, Indonesia, China, Taiwan, Singapore and Brunei.