Thai Pet Food Maker Drops After Nation’s Second-Biggest 2022 IPO

I-Tail Corp. Pcl., Thailand’s top pet food maker, ended lower in its trading debut after the country’s second-largest initial public offering this year.

Shares of the Bangkok-based company closed at 31 baht, 3.1% below its IPO price of 32 baht, erasing gains of as much as 5.5% earlier. The unit of frozen and seafood products maker Thai Union Group Pcl raised 21.1 billion baht ($606 million) after selling 660 million shares at the top of a marketed range. It’s the largest debut in Bangkok since Thai Life Insurance Pcl. in July.

The offering marks a year of some ...