Pace plans IPO despite SET volatility
Pace Development Corporation plans to mount an initial public offering of 600 million shares and an institutional roadshow has been organised after approval from the Securities and Exchange Commission on July 2 for listing on the Stock Exchange of Thailan
Pace has registered capital of Bt2.05 billion, of which Bt1.45 billion is issued in paid-up capital at a price of Bt1 per share. Pace plans to offer 29.2 per cent of its paid-up capital through its share offering.
Sorapoj Techakraisri, chief executive officer of Pace, said it was confident that the IPO and listing were strong steps forward, reinforcing continuous and sustainable growth with growing trust and recognition among investors.
Pace confirms it will launch its IPO early next month despite short-term stock-market volatility, as the SET aligns with other bourses regionally and globally.
The positioning of Pace as a leader of the high-end property market with a unique value proposition will be attractive to investors, Sorapoj said. “Moreover, Pace remains confident in the strong fundamentals of the Thai economy and the Thai stock market, which still has substantial opportunities to grow.”
After the IPO, Pace will buy back MahaNakhon shares from Industrial Buildings Corporation to increase its shareholding from 50 per cent to 68 per cent. This is aimed at providing Pace with more flexibility in terms of project management.
He said that after listing on the stock market, Pace planned to utilise the majority of capital raised to develop new projects, with a firm focus on investment in high-potential areas. These include the MahaSamutr resort development in Hua Hin, where there is steady demand for high-end residences, and a condominium project on Langsuan Road in the heart of Bangkok. Together, the project value of MahaSamutr and Langsuan is Bt8.7 billion.
Kongkiat Opaswongkarn, CEO of Asia Plus Advisory, the financial adviser to Pace, said the IPO subscription was expected to launch this month before official trading on the stock market in early August.
