Pace Development plans to place 600 million shares for an initial public offering in next year's second quarter to finance new projects in central Bangkok and Hua Hin.
As of Sept 30, the company had registered capital of 2.054 billion baht with paid-up capital of 1.454 billion baht, at a par value of one baht apiece.
The Techakraisri family, which is the major shareholder at 77.96%, plans to dilute its holding to 55.19% after the IPO.
Asia Plus Advisory, a subsidiary of Asia Plus Securities, is Pace's financial adviser.
Chief executive Sorapoj Techakraisri said part of the proceeds will go to purchasing a 120-rai plot in Hua Hin as well as a plot on Lang Suan Road in Bangkok for a luxury condominium that Pace will soon launch.
The resort-style Hua Hin project comprising 120 villas will be launched next year.
The company had planned to seek a listing on the Market for Alternative Investment, the smaller market requiring fewer conditions, but switched to the main Stock Exchange of Thailand when the regulator relaxed rules.
For the first nine months of this year, Pace achieved revenue of 913 million baht for a net profit of 85 million.
Mr Sorapoj said for the full year, the company expects revenue of 2 billion baht for a net profit of 100 million baht, generated mainly from the Bangkok projects Ficus Lane and Saladaeng Residences.
Next year, Pace targets revenue of 2.4 billion baht _ 2 billion from the Hua Hin project and 400 million from the Lang Suan one.
Established in 2004, the company targets high-income customers.
Its early projects were Ficus Lane, a 70-unit low-rise condominium near Sukhumvit Soi 44/1 worth 910 million baht, and Saladaeng Residences, worth 2.39 billion.
Pace is developing MahaNakhon, a commercial and residential tower on Narathiwat Road worth 19 billion baht and which will be the city's tallest building at 314 metres.
The project is due to be completed at the end of 2014.
About the author
- Writer: Darana Chudasri
Position: Business Reporter