Bangkok Glass Industry Plc, the country's largest glass packaging maker, is moving towards more non-glass packaging and hopes to be a top-five packaging company in Asean within five years.
By that time, it forecasts an annual revenue that would exceed 20 billion baht, up 40% from last year's 13-14 billion baht.
To support its ambitious goal, the company is now building a fourth glass-melting furnace worth 1.8 billion baht at its plant in Ayutthaya province, a project due for completion by the end of this year, said executive vice-president Pavin Bhirom Bhakdi.
The company plans to develop a production facility in Ratchaburi province next year with an investment budget between 1.5 and 2.2 billion baht.
"We plan to fund the project from an initial public offering," said Mr Pavin.
"We will move forward with our listing plan in the second quarter of this year despite the political tensions."
Bangkok Glass aims to float 241.1 million shares to the public to raise its registered capital to 4.82 billion baht from 3.62 billion now.
By year-end, the company's production capacity is set to reach 4,085 tonnes a day, up from 3,635 tonnes daily now.
When the sixth plant in Ratchaburi is completed by 2015, total capacity will reach 4,405 tonnes a day or 5 billion glass bottles a year.
Bangkok Glass now has five production facilities, in Pathum Thani, Rayong, Khon Kaen, Prachin Buri and Ayutthaya.
The company relies mostly on the food and drink industry, which has a reliable growth pattern.
Some 85% of last year's revenue came from glass packaging, with the rest from other packaging categories.
Plans call for making more non-glass packaging, with new production lines likely to be installed at the Ratchaburi plant.
New packaging will include PET bottles, paper boxes, aluminium lids and plastic containers.
"In the next five years, we hope to see the ratio of glass to non-glass packaging business change to 60:40," Mr Pavin said.
Output from the Ratchaburi plant will serve demand in Asean after the single market forms in late 2015.
"With all these plans and efforts, our dream to be among the top five total packaging solutions providers in Asean will not be difficult to achieve in five years," he said.
Thailand's glass packaging business is valued at 30 billion baht, with Bangkok Glass accounting for 42%.