J.S.P. Property plans to mobilise funds from the Thai stock market to buy a land bank for new projects, says chief executive Tanongsak Manotamraksa.
The company has developed projects through its subsidiaries China Center, J.S.P. Golden Land, Sampeng 2 Plaza and J.S.P. Property Management.
J.S.P. has 4.4 billion registered capital shares worth 2.2 billion baht, of which 3.3 billion shares or 1.5 billion baht are paid-up capital.
Mr Tanongsak said the company will put up 1.2 billion shares at a par value of 0.50 baht each for the initial public offering (IPO).
The process of listing on the Stock Exchange of Thailand is expected to finish in the second half of 2014.
The chief executive said proceeds from the IPO will go mainly to buying land in Praksa, Samut Prakan, a key development area. The new land bank will serve future development.
J.S.P. Property is pursuing a strategy of low-rise commercial and residential projects.
The company has three projects under development with a total investment value of more than 15 billion baht.
The three are a retail project, Sampeng 2, worth 7.5 billion baht; the Miami, a low-rise condominium near Bang Pu in Samut Prakan, worth 5.5 billion baht; and Tulip Square, a mixed-use residential and retail concept in the Om Noi area of Samut Sakhon, worth 1.8 billion baht.
"We expect to book total revenue of 3.5 billion baht this year and up to 5 billion baht next year," Mr Tanongsak said.
Last year, the company finished construction of Sampeng 2 phases I and II and sold them for 1 billion baht.
The revenue from the third and fourth phases of Sampeng 2, which is being developed in the model of a floating market, will begin to generate income by 2015.
Unit booking for the Miami, aimed at employees of factories at Bang Pu Industrial Estate, will kick off by May.
The financial adviser for the IPO, Capital Nomura Securities, said J.S.P. plans to submit its filing to the Securities and Exchange Commission in the second quarter and begin trading in the second half.