Sena Development to launch IPO this year

Sena Development will increase its regis¬tered capital from Bt500 million to Bt700 million. The company believes its financial state¬ment will be stronger after list¬ing on SET.

Kessara said Sena would pro¬pose its filing to the exchange in the third quarter. The company has appointed Kim Eng Securities and Asset Pro Management as its finan¬cial advisers.

She said the company's business this year was growing from its strong customer base. Sena Development expects to generate revenue of Bt1.1 billion this year compared with Bt697 million last year. At present, the company has 16 projects includ¬ing singledetached houses, town¬houses, twin houses, condominiums and serviced apartments.

The company generated revenue of Bt553 million in the second quar¬ter, an increase of 100 per cent year on year, while its enjoyed earnings of Bt120 million, a jump of 300 per cent from the same period last year.

"Although sever¬al raw material costs have increased by 10 per cent on average, we expect to generate net profit of Bt200 million because we have adjusted sell¬ing prices in line with the increased cost of raw materi¬als. At present, the company's debttoequity ratio is at 0.64 times and we have land banks for development over the next few years," she said.

Asset Pro Management CEO Somphob Sakpunpanom said Sena Development could do a local road¬show in October. He expected the company's IPO would not be affect¬ed by political uncertainty and the stock might attract two or three retail investors.

Kim Eng Securities CEO Montri Sornpaisarn said Sena had a policy to pay dividend yields of at least 40 per cent of total net profit.