Pace appoints Asia Plus as lead underwriter for IPO
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Pace Development Corporation, the developer of the Bt12-billion MahaNakhon mixed-use project in Bangkok, has appointed Asia Plus Securities as the lead underwriter for its initial public offering.
The IPO shares are priced at Bt3.50 apiece. Subscriptions will be taken from next Monday to Wednesday.
Chief executive Sorapoj Techakraisri said yesterday that the company would issue 600 million shares with par value of Bt1 a share, representing 29.2 per cent of paid-up capital after the recapitalisation.
The co-underwriters are Country Group Securities, SCB Securities and Globlex Securities, while the sub-underwriters are KGI Securities (Thailand), CIMB Securities (Thailand), Capital Nomura Securities, Thanachart Securities, Bualuang Securities and Finansia Syrus Securities.
Kongkiat Opaswongkarn, executive chairman of Asia Plus Securities, said the Bt3.50 IPO price offered an upside gain of 33 per cent from the projected average target price of Bt5.20.
Pace Development reported to the Securities and Exchange Commission that it lost Bt31.96 million on revenue of Bt48.7 million in the first quarter of this year.
The company also reported to the SEC on June 7 that it planned to develop two projects worth Bt8.7 billion in the future. One is a Bt2.7-billion luxury villa project in Hua Hin called MahaSamutr.
It has already been launched.
The other project is a Bt6-billion luxury condominium complex in Bangkok’s Lang Suan area. Presales start next quarter.
Pace was established in 2004 with registered capital of Bt2.05 billion but Bt1.45 billion in paid-up capital. It has developed three residential projects. Ficus Lane worth Bt910 million has already sold out. Saladaeng Residences worth Bt2.34 billion has been completed and transferred to customers.
MahaNakhon combines residential, luxury-hotel and retail components. The residential side has succeeded in selling about 60 per cent of total project value.
