Thailand's Central Retail Corp, which is on track for the country's largest public float, cut the price range for its initial public offering to 40 to 43 baht per share, it said in a filing on Thursday, the lower end of its initial range.

The spread, narrowed from an original 40 to 48 baht per share, suggests the IPO will still raise 67.6 billion baht to 72.7 billion baht ($2.23 billion to 2.39 billion).

That would overtake the country's previous largest listing, BTS Rail Mass Transit Growth Fund, which raised 62 billion baht in 2013. International cornerstone investors would account for 44.6% of the IPO should it be sold at 40 baht, and 41.6% if sold at 43 baht. Domestic cornerstone investors would take 22.3% at 40 baht and 20.8% at 43 baht.

Thailand took the top spot for new listings in Southeast Asia in 2019 with $4 billion in fundraisings, according to Refinitiv data. A number of other large issues are in the pipeline for this year.

Reuters reported on Wednesday that Thailand's largest retailer would narrow its IPO range and was close to securing cornerstone investors. The Central Retail IPO, first announced in July, opens on Jan. 29. The company will offer 1.69 billion shares and an overallotment option of 169 million shares.

Initial purchasers are Morgan Stanley, Credit Suisse, and UBS. International co-managers include CIMB Investment Bank, Mizuho Securities and Nomura.Lead domestic underwriters are Bualuang Securities, Phatra Securities, Kasikorn Securities. Co-underwriters are Krungsri Securities and SCB Securities.