Amata VN Plc, a subsidiary of SET-listed Amata Corporation, Thailand's biggest industrial estate developer, has announced an initial public offering (IPO) on the SET.
Proceeds will be used to raise funds for expansion of the company's industrial estate in Vietnam.
Amata VN chief executive Somhatai Panichewa said the funds would be invested in the Long Thun estate in Vietnam and used to bolster the company's operating cash flow.
Amata VN plans to offer 166.37 million IPO shares at a par value of 50 satang each.
Somhatai: New estate in Dong Nai, Vietnam
The company is waiting for the Securities and Exchange Commission to approve the listing process and expects to start selling shares by mid-December.
Siam Commercial Bank and RHB Securities (Thailand) are the financial advisers.
"After the IPO, Amata Corporation will no longer have any direct investment in Vietnam," Mrs Somhatai said.
"All projects will be invested in by Amata VN alone."
Amata VN is a holding company involved in industrial estates and related business in Vietnam.
It was the first foreign-based company to invest in industrial estates in Vietnam and has been there for almost 20 years.
Amata VN's first estate, Amata City Bien Hoa, is near Ho Chi Minh City.
Some 80% of Amata City Bien Hoa's area of 4,375 rai is occupied, while the rest is expected to be leased within four years.
Among investors in the estate, 48% are Japanese, with the rest from Taiwan, South Korea, the US and Europe.
Funds raised by the IPO in Thailand will be used for investment in a new estate in Vietnam called Amata City Long Tanh, located in Dong Nai province east of Ho Chi Minh City.
The project spans 2,562.5 rai to be developed into a high-tech industrial park, a serviced township and a mega-township.
The industrial park has been granted permission by the Vietnamese government to start construction, with leasing to begin by early 2017.
AMATA shares closed yesterday on the SET at 14.20 baht, unchanged, in trade worth 114 million baht.