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.
