Chow Steel prepares to list on MAI
Chow Steel Industries is replenishing its liquidity by listing on the Market for Alternative Investment this year.
"Now is a good time for fund mobilisation as the stock market is more active after getting major support from the likely boost in spending by the new government on more infrastructure and the stimulus policy for the property sector," chief executive officer Anavin Jiratomsiri said yesterday.
"The steel industry is also staging a recovery. These will directly have a positive impact on steel prices and the company," he said.
The billet manufacturer yesterday filed to the Securities and Exchange Commission for an initial public offering of 200 million shares.
The company has registered capital of Bt800 million, of which Bt600 million is paid up.
It recorded revenue of Bt3.89 billion last year and Bt2.79 billion in the first six months of this year.
The rise in revenue reflected improved marketing, steadily increasing steel prices and better cost control, according to Triple A Plus Advisory Co, which is acting as the financial adviser for the IPO.
Chow's production capacity is 730,000 tonnes of steel billet per year.
