Sugar miller Buriram Sugar Plc plans to list on the Stock Exchange of Thailand next month to mobilise funds for expansion.
Chief executive Anant Tangtongwechakit said the northeastern miller had scheduled an initial public offering for Oct 28-31.
The company plans to offer 169.18 million shares or 25% of paid-up capital in listing to raise 676.75 million baht at a par value at one baht apiece, he said.
The IPO price range is between six and seven baht a share.
Once listed, Mr Anant and his allies' stake will be diluted to 65-70%, he said.
Mr Anant expects a turnaround in the sugar industry as excess global supply recedes.
The company will use the proceeds to expand daily capacity to 20,000 tonnes of refined sugar from 17,000 tonnes now.
"We want to add capacity right away so we can have it for next year," said Mr Anant.
He said Buriram Sugar had a market share of about 2% out of 50 millers in Thailand. Some 75% of output is exported.
Buriram Sugar sells white sugar and raw sugar under the Double Key brand.
The company achieved first-half revenue of 2.52 billion baht for a net profit of 129 million.
Last year's revenue reached 4 billion for a net profit of 205 million.
The company operates a power plant fuelled by leftovers from the milling process, which generates 20% of net profit.
"We anticipate fortunes for the sugar industry should improve soon as excess supply in the global market recedes," Mr Anant said.
To cut its reliance on fluctuating sugar product prices, the company plans to invest in more energy products from milling waste such as bagasse cogeneration and organic fertiliser.
"This should help our long-term planning and maintain our revenue growth," Mr Anant said.
The company operates four subsidiaries — Buriram Sugarcane Research and Development Co, Buriram Energy Co, Buriram Power Co and Key Brand Fertilizer Co.
"We expect profits from alternative energy, which has generated steady revenue over the past decade, will increase to more than 50% in the near future," he said.
Buriram Sugar's first biomass power plant generated 9.9 megawatts last year.
The company plans to open a second one early next year, also 9.9 MW.