The Stock Exchange of Thailand (SET) will list Assetwise pcl, an integrated property developer, on April 28, under the ticker symbol “ASW”. The company has a market capitalization at its initial public offering (IPO) of THB 7.47 billion (approx. USD 238 million).
SET Senior Executive Vice President Manpong Senanarong said that ASW would list and start trading on SET in Property & Construction industry group, Property Development sector.
ASW is a holding company which invests in residential real estate developers focusing on both low-rise and high-rise projects, consisting of condominiums, housing estates, townhomes, and home offices. In addition, ASW also engages in real estate development for rent, real estate brokerage and international payment agency, catering to customers’ diverse demand. As of the end-2020, ASW has launched a total of 33 projects for sales, with condominium backlog worth THB 7.85 billion, of which revenue will gradually be realized until 2023. The company expects that around THB 5.3 billion of the revenue will be realized in 2021. In addition, the company plans to launch 11 more projects worth THB 21.2 billion, of which the revenue will be realized over the next 4-5 years.
ASW has a registered paid-up capital of THB 761 million, consisting of 555 million existing common shares and 206 million newly issued shares, with a par value of THB 1.00 each. It offered 142.4 million newly issued shares to persons under the underwriters’ discretion, 30.8 million shares to the company’s patrons, 20 million shares to institutional investors, and 12.8 million shares to ASW’s and its subsidiaries’ directors, executives, and employees at THB 9.82 each, for a total of THB 2.02 billion. Asia Plus Advisory Co., Ltd. is its financial advisor while Asia Plus Securities Co., Ltd. is the lead underwriter.
ASW Chief Executive Officer Kromchet Vipanpong said that listing on the Thai bourse will enhance the company’s competitiveness and strengthen the company’s financial status in terms of helping reduce financial costs, and boosting confidence among partners and consumers. In addition, this will widen opportunities in investment and new project development while driving business growth as planned. The fund raised will be used to develop high-rise and low-rise condominium projects as well as horizontal real estate projects. Part of the fund will be used to repay debts to financial institutions and certain amount will be allocated as working capital.
ASW’s top 3 shareholders after the IPO are Vipanpong Family (69.82 percent), Pracha Kaninthanond (1.12 percent), and Suchet Ritteephamorn (0.70 percent). The IPO price of THB 9.82 per share was equivalent to price-to-earnings ratio (P/E ratio) of 8.54 times. The earnings per share is equal to THB 1.15 each, which was calculated from the company’s net profit over the past 12 months (from January 1, 2020 to December 31, 2020) totaling THB 873.9 million, divided by fully diluted shares. Its dividend policy is to pay no less than 40 percent of net profit from the company’s consolidated financial statements after corporate income tax and legal reserves.
For more information on ASW, please see the company’s prospectus at the Securities and Exchange Commission’s website at www.sec.or.th ; and for general information, please visit www.assetwise.co.th, as well as www.set.or.th .