Thai property developer Chewathai to launch IPO this month

Image from Chewathai's website.

Bangkok based factories for rent and condominium developer Chewathai Pcl expects to sell 262 million shares, equivalent to 35 per cent of its registered capital, through an initial public offering (IPO) by the end of March.

Chewathai is a 51:49 joint venture between Thailand-based investors and TEE Development Pte Ltd, a subsidiary of Singapore’s listed real estate developer TEE Land Ltd.

“TEE Development is our strategic partner as it has expertise in construction technology and property business. Raising of funds through Thai bourse will help pave the way for Chewathai to become one of the leading property developers in ASEAN,” Chewathai’s chairman Chartchai Panichewa said.

The company will be traded on the Market for Alternative Investment (MAI).  Currently, it has registered capital of 750 million baht, divided into 750 million shares with a par value of 1 baht apiece and 488 million shares are paid up.

Having been in the property development for eight years, it has built both high-rise and low-rise condominiums under the brands of Chewathai and Hallmark. The projects are mostly located in the community area, which is connected to mass transit in Bangkok and surrounding provinces.

He said it planned to roll out two new projects this year. “We are launching our first housing project in Rangsit-Klong 1 this year with the price of 4-5 million baht per unit. We expect the revenue from housing projects will account for 40 per cent of total in the next two or three years,” he said.

The investment size of each project will be around 2-3 billion baht. It will be more active after IPO, but it will strictly control the debt-to-equity level at 1.3-1.6 times.

Also Read:

Thailand: IPOs show no signs of losing steam; TPBI & Chewathai latest to seek listing

SG Realty Dealbook: TEE Land’s associate buys Bangkok land for $3.7m; HPH Trust manager rejects offer to pick 50% stake in Gaolan Phase 2

 

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.

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

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  • 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. 
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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.