The property developer Ananda Development Co Ltd plans to list on the Stock Exchange of Thailand to mobilise 4 billion baht before launching projects worth a combined 10 billion baht in the second half of this year.
Mr Chanond (centre) poses with actor and singer Chulachak ‘Hugo’ Chakrabongse (left) and actress Sara Legge at the launch of Ananda Development’s four Mobi condominium projects featuring a combined 2,475 units.
The initial public offering (IPO) will be made in March or April.
Bualuang Securities and Seamico Securities will be financial advisers to the deal.
Chanond Ruangkritya, the president and chief executive, said the company plans to sell shares primarily to institutional investors, which are less sensitive to economic changes and market volatilities than retail investors.
"The Stock Exchange of Thailand index today is at around 1,000 points, which is good. If the positive sentiment continues, then our IPO will go as planned, and we'll launch new projects after that," he said yesterday.
Ananda has set a target to achieve net profit of 2 billion baht and 15% growth per year.
The company will lean more toward condo development, which will make up 75% of its portfolio, while the balance will be low-rise projects.
Locations for its new condominium projects will be near the existing or nearly completed mass transit routes, while those for low-rise buildings will be in Bang Na district, where it has launched many single houses and townhouses.
To date, the company has a stock of condominium units worth about three billion baht. In January, it posted 500 million baht in sales and targets total sales of 16.5 billion baht this year.
Of that amount, 8.5 billion baht will come from four new projects launched yesterday and 5 billion from new ones to be launched after the IPO.
This year, it will deliver units at three Ideo condominium projects worth a combined 6 billion baht.
They are Morph 38, Blu Cove Sukhumvit and Verve Sathorn, which had sales of 50%, 75% and 75%, respectively.
Established in 1999, the company in 2006 formed a joint venture with TMW Asia Property Fund I under the management of Primerica Real Estate Investors, an affiliate of Prudential Financial Inc, which injected a total of 100 million.
In November 2010, the company paid 6 billion baht to buy back all of its shares.
Yesterday, it launched at Siam Paragon four new condominium projects worth a combined 10 billion baht under the new Mobi brand. All of them will have Krung Thai Bank as the project financier.
It targets to have sales of 50% within the first quarter and 85% by the end of the year.
Locations will include Phaya Thai at Si Ayutthaya Road, Sukhumvit Soi 81, Krung Thon Buri Road and Rama IX Road with a total of 2,475 units.
Among them will be units sized only 21 square metres, the smallest size offered by a large developer.
