Charoen Pokphand Group (CP Foods) is exploring an initial public offering (IPO) of its seed and animal feed business on the Stock Exchange of Thailand that could raise as much as $1 billion, Bloomberg reported.

The group is restructuring its upstream agricultural operations to prepare for the potential spinoff, which could include animal feed and seed business under Chia Thai Co. A share sale could raise between $600 and $1 billion depending on the market conditions.

CP has held initial discussions and the listing could happen as soon as next year.