TH roundup: Raja Ferry plans $19m IPO; Ticon REIT to raise $84.7m more

Image from Raja Ferry's website

Amid uncertain economic factors, including the market slowdown, companies in Thailand are on course to raise funds from the market. Raja Ferry follows its schedule to start trading on the Thai bourse in November. And, Ticon Group too remains optimistic to issue 3 billion baht additional shares through Ticon Real Estate Investment Trust to mobilise funds before this year end.

Raja Ferry plans $19m IPO

Raja Ferry Port (RP), one of the main ferry operators in Thailand, expects to raise 380-684 million baht ($10.7-$19.3 million) through its maiden issue in November.

The IPO price will be announced next week, however, it is set to be in a range of 10-18 baht per share giving a 20-25 per cent discount, said the company’s managing director Apichart Chayopas.

RP will sell 38 million shares with a par value of 1 baht apiece through IPO.

It will use the proceeds to repay long-term debt and buy another ferry to serve tourist demand. It forecasts that the number of tourists to Ko Samui and Ko Pa-ngan will surge by 2 million people a year.

Pinmanee Makmontana, managing director of Triple A Plus Advisory, a financial advisory to this IPO, said that RP’s major shareholder is the Chayopas family, who would like to hold the majority stake of 67.23 per cent, down from 86.58 per cent at present, after IPO.

“This is an intention of the current major shareholder to sell only 38 million shares. They don’t want the par value to be lower than 1 baht and they believe that the proceeds will be enough for their investment and debt repayment,” she said.

With total registered capital of 170 million baht, RP has total assets of 748 million baht and a debt-to-equity ratio is 0.56 times.

TREIT to raise additional $84.7m

Ticon Real Estate Investment Trust (TREIT) has submitted the filing to the Office of Securities and Exchange Commission to raise additional capital of 3 billion baht ($84.7 million) this quarter.

Amorn Chulalaksananukul, managing director of Ticon Management, a fund manager of TREIT, said the proceeds would be used to invest in Ticon Industrial Connection’s assets, comprising 53 units of warehouses and factories for rent.

“Apart from boosting the fund’s liquidity, we hope that the larger size of TREIT will attract more investors domestically and internationally,” he said.

After the investment, TREIT will have total assets of 7 billion baht. Of that, 61 per cent is freehold and the rest 39 per cent is leasehold. It has a policy to pay dividend no less than 90 per cent of the net profit at least twice a year.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.