Thai Beverage Public Company Limited (SGX:Y92) said on February 5, 2021 that it plans to list its brewery unit on the Singapore stock exchange, kicking off what could be the biggest initial public offering in the city-state in a decade. The maker of Chang beer announced early on February 5, 2021 that it had received a no-objection letter from Singapore Exchange Securities Trading in relation to the proposed spin-off listing of its brewery business. The brewer, owned by Thai tycoon Charoen Sirivadhanabhakdi, will sell up to about 20% of the total number of issued ordinary shares of BeerCo Limited. A float could raise around $2 billion, according to people familiar with the transaction who asked not to be identified as they are not authorized to speak publicly. A representative for the company declined to comment on the size of the float.