Thai Beverage Public Company Limited (SGX:Y92) said on April 16, 2021 it was postponing its plans to sell a 20% stake in its regional beer business via a Singapore listing, citing uncertain market conditions and volatile outlook. 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.