The spin-off by the company, controlled by one of Thailand's richest men, was set to be the largest initial public offering in the city-state in nearly a decade. Reuters had reported earlier that the IPO could raise about $2 billion.
The tough conditions, aggravated by a worsening COVID-19 pandemic in Thailand and other countries, were not conducive for the spin-off, the company said in a statement to the stock exchange.
Thai Beverage, whose beers include the popular Chang lager, said the proposed spin-off and listing would be reviewed "at the appropriate time" as it closely monitors market conditions to explore opportunities.
Controlled by tycoon Charoen Sirivadhanabhakdi, Thai Beverage is one of Southeast Asia's largest makers of drinks and had targeted a mid-2020 listing, which got delayed due to the pandemic. The company said in February it was looking to spin-off its stake and list in Singapore.
(Reporting by Rashmi Ashok in Bengaluru; Editing by Vinay Dwivedi)
