AWC readies B48bn IPO
published : 11 Sep 2019 at 16:01
writer: Kanana Katharangsiporn
Asset World Corp Plc (AWC), a property arm of Charoen Sirivadhanabhakdi’s TCC Group, will launch Thailand’s biggest initial public offering since 2013 with an IPO share value of at least 48 billion baht.
The company will offer up to 8 billion IPO shares priced at six baht each. Share subscription will take place by the end of September, with Kasikorn Securities, Bualuang Securities, Phatra Securities and SCB Securities as underwriters.
The IPO shares will comprise 6.957 billion new ordinary shares, representing a maximum of 22.47% of all shares.
There may be a greenshoe of up to 1.043 million shares in order to maintain price stability during the first 30 days of share trade. A greenshoe option lets investors buy more shares than originally planned by the issuer.
Thailand’s biggest IPO to date was the BTS Rail Mass Transit Growth Infrastructure Fund, which raised more than 62.5 billion baht in 2013. It was also the third-largest IPO globally that year.
AWC’s total assets are valued at 92 billion baht. After the IPO, it will acquire new properties in the fourth quarter of 2019 with a combined value of more than 115 billion baht.
In the first six months of 2019, AWC reported a gross profit of 3.11 billion baht on revenue of 6.44 billion baht. Some 52% of revenue was from hospitality business and 42% from commercial properties.
AWC has registered capital of 24 billion baht, which will rise to 32 billion baht after the IPO.