Well Graded Engineering plans to list on the Stock Exchange of Thailand soon, readying its initial public offering.
Well Graded Engineering Plc (WGE), a construction operator, plans to list on the Stock Exchange of Thailand (SET) soon after submitting its initial public offering (IPO) filing to the Securities and Exchange Commission (SEC) early last week.
WGE plans to float 160 million shares with a par value at 0.50 baht per share. Funds from the IPO will be used for business expansion including a new warehouse, investing in new machines and for working capital.
The company has paid-up capital of around 220 million baht. The amount will be increased to 300 million baht after the IPO process, with free-float of 26.67% of total shares.
The major shareholder is Kraingsak Buanoom and his family, with shares of 81.82%. Their shareholding portion will be diluted to 60.2% after the IPO.
WGE was established in 2010 by a group of professional engineers with decades of experience in various fields.
Stepping into the 10th year of service in 2020, there are projects worth a combined 1.5 billion baht in hand.
WGE provides full turnkey commercial and residential construction services including high-rise buildings, low-rise buildings, office buildings, hospitals, shopping malls and department stores. The company also offers civil engineering service, utility system and architecture service.
The company is looking to bid on industrial factories and infrastructure projects.
Therdsak Thaveeteeratham, executive vice-president of the research division at Asia Plus Securities, said Thai stock market sentiment is expected to recover at a fast pace following lower daily infections and death rates from Covid-19 here.
Other companies that have submitted IPO filings include Don Muang Tollway Plc, Micro Leasing Plc, Next Capital Plc, PTT Oil and Retail Business Plc, Siamese Asset Plc, Saksiam Leasing Plc and SCG Packaging Plc.
IPO filings that have been approved are SAMART Aviation Solutions Plc, Successmore Being Plc, Srinanaporn Marketing Plc, Siam Technic Concrete Plc, Sri Trang Gloves (Thailand) Plc and Siamrajathanee Plc.
The only IPO launched this year was on Feb 20 by Central Retail Corporation Plc, a holding company that invests in multi-format and multi-category retailing in Thailand and overseas.
IPO launches in Thai bourses have been put on hold as fundraising prospects are caught in the crossfire between deteriorating confidence and falling revenue amid the pandemic, with no sign any new listings will surface in the first half of 2020.