Thai real estate developer All Inspire Development Plc plans to raise 900 million-1.05 billion baht ($28.2-32.9 million) in an initial public offering (IPO) by the end of April.
The IPO proceeds will be used to develop new real estate projects, pay down debt and meet working capital requirements, the company’s IPO advisor Asia Plus said on Monday.
All Inspire plans to issue 150 million shares, equivalent to a 26.79 per cent stake, at the price of 6-7 baht apiece. After the IPO, it plans to list on the Market for Alternative Investment (MAI) in May.
All Inspire CEO Thanakorn Thanawarith earlier told the local media that the company plans to launch six new residential projects, worth 18.25 billion baht in total, in 2019.
Founded in 2013, All Inspire focuses on developing residential projects in prime locations along the BTS and MRT transportation routes.
The company’s revenue in 2018 reached 2.34 billion baht while net profit increased to 343 million baht, surging 228 per cent and 323 per cent, respectively, from 2017.