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Thailand's Asset World to launch 48B baht IPO

Thailand-based hospitality company Asset World Corp. PCL is preparing to launch a 48 billion-baht IPO in 2019, the Bangkok Post reported Sept. 11.

AWC, a subsidiary of Thai conglomerate TCC Corp. Ltd., will offer up to 8 billion shares at 6 baht apiece. The offering will comprise 6.957 billion new ordinary shares, representing a maximum of 22.47% of all shares, and a greenshoe option of up to 1.043 billion shares. Share subscription is scheduled to commence by the end of September, the newspaper added.

The company is planning to buy new properties totaling 115 billion baht in the fourth quarter.

Kasikorn Securities, Bualuang Securities, Phatra Securities and SCB Securities are acting as underwriters for the IPO.

As of Sept. 10, US$1 was equivalent to 30.61 baht.