BANGKOK, April 27, 2021 – 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
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
- 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 .
Source: The Stock Exchange of Thailand