Luxury real estate developer Pace Development has appointed Asia Plus Securities as the lead underwriter for its initial public offering (IPO) next week.
Shares, which will be available for subscription from July 29th to July 31st, will be priced at THB3.50. The first day of trading is planned for August 7.
Sorapoj Techakraisri, Chief Executive Officer of Pace, said that under the company’s plan to list its shares on the Stock Exchange of Thailand, a total 600 million shares will be sold through initial public offering (IPO) with par value at one Baht a share, representing 29.2 percent of the company’s paid-up capital after the recapitalization.
Asia Plus Securities has been appointed the lead underwriter of the IPO, while Country Group Securities, SCB Securities and Globlex Securities have been appointed as co-underwriters. The company has also has appointed KGI Securities (Thailand), CIMB Securities (Thailand), Capital Nomura Securities, Thanachart Securities , Bualuang Securities and Finansia Syrus Securities as sub-underwriters for the offering.
Sorapoj said: “The shares, with a stock symbol of ‘PACE’, are likely to be listed on August 7 in the Property Development Sector. Proceeds from the IPO will be used for the company’s new property development projects. The listing is aimed at boosting the company’s potential in accessing funding sources from the capital market, a move to achieve sustainable growth under the company’s new project development plans.”
Dr Kongkiat Opaswongkarn, Executive Chairman of Asia Plus Securities, on behalf of the financial advisor and lead underwriter of the share sales, said the IPO price at 3.50 Baht a share offers an upside gain of 33 percent from an average target price at THB5.20 Baht projected by his company.
He added that the share offering is expected to receive a warm welcome from investors given the attractiveness, credibility, and the sustainable growth potential of the company, which is recognised as the leader in Thailand’s high-end property development.
Interested investors can subscribe to IPO shares between July 29 and July 31 through Asia Plus Securities and its underwriters.
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg
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