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Thailand's Asset World shares rise on debut

Shares of Thailand's Asset World Corp. PCL closed at 6.05 baht per share on their first day of trading on the country's bourse, up from the IPO price of 6 baht per share, according to separate Oct. 10 reports from Bangkok Post and The Nikkei.

At one point on Oct. 10, the company hit a market capitalization of 188 billion baht, The Nikkei reported.

Asset World, a subsidiary of Thai conglomerate TCC Corp. Ltd., plans to use 25.5 billion baht in IPO proceeds by December 2020 to acquire a company that owns four hotels. It also will use some proceeds to renovate and develop six other hotels and two mixed-use properties.

TCC Group's portfolio includes Chang beer maker Thai Beverage PCL and Singapore-based Fraser and Neave Ltd.

As of Oct. 10, US$1 is equivalent to 30.41 Thai baht.