Chemical tracers reveal oxygen-dependent switch in cellular pathway to fat

TOA Group, controlled by the Tangkaravakoon family, is considering an initial public offering of its paints and chemicals business, people with knowledge of the matter said.

The company is working with banks on a possible share sale that could raise at least 14.4 billion baht, one of the people said, asking not to be identified as the deliberations are private. A listing could take place on the Stock Exchange of Thailand next year, according to the person.

TOA Group could use the proceeds to expand in the growing market for paint products in Asia-Pacific, after retail paint sales to consumers in the region rose 39% in the five years through 2015 to reach $13.5 billion, according to Euromonitor International. Initial public offerings have raised $2.5 billion over the past year, down from $5.3 billion in the previous 12 months, data compiled by Bloomberg show.

TOA Group started in 1957 as a small, family-owned hardware shop and began producing shellac the next year. It now sells products such as "SuperShield" sealers, "Duraclean" paints and "NanoShield" anti-bacterial coatings through its operations in countries across Southeast Asia including Cambodia, Indonesia, Malaysia and Vietnam.

The company has joint ventures with Tokyo-based Chugoku Marine Paints Ltd, which makes coatings for the bottom of ocean vessels, and Japan's Union Paint Co, whose products are used for wood finishing, according to its website. Its chemicals business makes all-weather adhesives for plywood and automobile coatings for rust prevention, the website shows.

TOA Group hasn't made a final decision to pursue the offering, and plans could change or be delayed, according to the people. An assistant to TOA Group chief executive Vonnarat Tangkaravakoon said he wasn't available to comment. The company didn't immediately respond to a request for comment sent through a contact form on its website.