Thai hospitality firm Asset World Corporation (AWC) said on Tuesday it planned to float up to 37% of the company for its initial public offering.
AWC, owned by Thai billionaire Charoen Sirivadhanabhakdi, said in a filing that it plans to float 22.47% of the company with an additional 15% greenshoe option if there is an over allotment.
Refinitiv’s IFR previously reported that AWC’s IPO could be between $1 billion – $1.5 billion, the biggest in terms of value this year.
The company currently has 3,400 hotel rooms in its portfolio and plans to purchase 12 hotels this year, bringing its total to 8,500 rooms.
AWC, which also operates office space and retail businesses, said that cash raised from the IPO will be used for expansion and to pay off debt. It currently owns 10 hotels in Bangkok and tourist destinations such as Krabi and Phuket.
It booked 3 billion baht ($95.85 million) in revenue in the first three months of 2019 with 60% coming from hotels at an occupancy rate of 82%. The remainder of its revenue came from commercial real estate and its retail business.