The company reported in the filing that the par value of 100 million IPO shares, or 25 per cent of the company, was Bt1 apiece. The company appointed BFIT Securities as its financial adviser.

Funds raised through the IPO will be used to pay for the construction of a factory, and the purchase of machines and equipment. The funds will also be used as working capital.

After the stock offering, the company will have a paid-up registered capital of Bt400 million.

Thai Nguan Metal is a distributor of raw material and ornamental metal, including the hot and cold types. The company is also a manufacturer of processed metal.

In the first quarter of this year, the company posted revenue of Bt701.2 million and a Bt11.1-million net profit.

Product distribution accounts for 32 per cent of the company's revenue.

The company said that the reason that the revenue had increased significantly in the first quarter of this year was large fluctuations in the price of hot-rolled steel. The price of hot-rolled steel jumped from Bt15.2 a kg in February to Bt19.5 a kg in March.

So far this year, three companies have listed on the Stock Exchange of Thailand under the industry sector.

Although G Steel and City Steel did not fair well in their trading debuts, Rich Asia Steel performed beyond expectations when early this month it emerged as the best-performing debut stock so far this year, with a 37-per-cent increase from the initial public offering price.

Yesterday, Forth Corp managed to survive on its first day of trading, closing at Bt5.1, up 2 per cent from its debut price with a trading volume of Bt363.87 million.

The SET Index yesterday dropped 0.01 per cent to close at 692.46.

Forth is the ninth company to list on the main bourse this year.