Sena takes IPO show to Khon Kaen

The company's IPO shares, with a par value of Bt1 each, are expected to open for subscription in the middle of this month.

Director Kesara Thanyaluckpak said yesterday that following roadshows in nine provinces, Sena Development had received good feedback from investors. The first event was held in Pattaya, in Chon Buri.

"One reason for the good feedback is that there are only a few companies selling IPO shares this year," she said.

Proceeds from fund-raising will be used for developing new high- and low-rise residential projects with a combined value of Bt4.5 billion. The projects will be located in Bangkok and surrounding provinces.

Although the economy contracted 7.11 per cent year on year in the first quarter, Sena Development posted Bt340 million in revenue and Bt68 million in net profit in the first three months - up 66.67 per cent and 126.67 per cent respectively from the same period last year.

Kesara expects revenue to come in at Bt700 million in the first half, with Bt1.2 billion forecast for the full year. Net profit is expected to be about 20 per cent of revenue, she added.

She said Sena Development was also seeking an opportunity to expand its property business beyond greater Bangkok, and especially to Pattaya, where it sees the greatest potential.