"We have a plan to launch an initial public offering in the third quarter this year, but the final schedule will depend on stock market conditions," managing director Suriyon Poolvoralaks said yesterday'

The company postponed its planned listing on the stock market last year.

Under the IPO plan, the property developer will offer 245 million shares to the public, of which 200 million will be newly issued and the remainder existing shares.

The offered shares account for 35 per cent of its registered capital of Bt700 million.

Following share allocation, paid-up capital will be raised from Bt500 million to Bt700 million-Bt800 million.

Seamio Securities has been appointed the financial adviser, securities distributor and guarantor for the issue.

The funds from the IPO will be used as working capital, finance for present and future developments, and to pay off debt to financial institutions.

Suriyon said the company was in negotiations to buy a plot in the Sukhumvit area of Bangkok to develop a premium condominium project.

Meanwhile, Major Development forecasts that its revenues will double to Bt3.4 billion this year. The company's 2006 net profit amounted to Bt250 million and its cash on hand now stands at Bt100 million.

Major's four current projects are the Bt5.7-billion two-tower Watermark project on the Chao Phya River, the Bt1.2-billion Wind on Sukhumvit Soi 23, the Bt1.6-billion Wind Major Ratchayothin, and a Bt2-billion condo project on Sukhumvit Soi 22.

Suriyon said that more than 70 per cent of Tower A and 40 per cent of Tower B in the Watermark project was booked. The ownership-right transfers of both towers will be available from the middle of next year.

Meanwhile, more than 40 per cent of the Wind project and over 20 per cent of Wind Major Ratchayothin have also been sold.