TMC Industrial Co Ltd will sell 90 million shares in an initial public offering before listing on the Market for Alternative Investment this month.

The maker of cranes and other machinery has increased its registered capital by 45% to 290 million baht.

Of the IPO shares at one baht par value, 85 million will be sold to the public at a price yet to be determined and 5 million to employees 20% below the price set for the public.

"Proceeds will go towards building a third factory in Chon Buri province, covering 9,600 square metres and costing 255 million baht. It will start operating in next year's first quarter," said Surachet Kamolmongkolsuk, the managing director and founder of TMC.

After the IPO, the Kamolmongkolsuk family's stake in the company will be diluted to 57.55% from 83.45%.

General shareholders will own 29.31%, employees 1.72% and others 11.41%.

Finnex Advisory is the financial adviser and Finansia Syrus Securities the underwriter.