SET welcomes integrated property developer “ASW” on April 28

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

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

  1. 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