By Chalida Ekvitthayavechnukul
In September 2017, mu Space became Blue Origin’s first Asian customer by signing a partnership agreement to launch its first geostationary satellite aboard the latter’s New Glenn orbital rocket.
The company said the asset sale is part of its business restructuring plan.
The new company, called PT Surya Internusa Timur (SIT), has an initial registered capital of $15 million.
It would use the IPO proceeds to expand production capacity and distribution channels. It will sell a maximum of 76 million shares at 53 baht apiece, which is the highest public offering price this year. It has scheduled the first trading on December 26 under ticker symbol DDD.
Thailand’s five biggest lenders are Bangkok Bank, Krung Thai Bank, Siam Commercial Bank, Kasikornbank and Bank of Ayudhya.
The projects aims to serve demand for quality accommodation from Japanese in Bangkok
Prior to this round, it secured $2.1 million in seed funding from Convergence Ventures and Wavemaker in November 2016
With the latest funding, it plans to increase its market share in Thailand and stage a roadshow in ASEAN capitals in the second quarter of 2018. This is the second fundraising by WorkVenture after it secured 15 million baht ($420,000) in a round led by TCC Land Asset World’s chief executive Sommaphat Traisorat and PACE Development executive director Songphon Chaovanayothin.
The trust will be listed on the Stock Exchange of Thailand as a secondary market this year.
It has set aside the budget of over 1 billion baht ($30.7 million) to fund the acquisition.