Property firm Richy Place 2002 plans to issue an initial public offering of 214 million new shares around the middle of this year.
The company’s financial adviser Chupong Tanasettakorn, managing director of the investment bank division of Country Group Securities, said Richy Place proposed to increase its registered capital from Bt500 million to Bt714 million at par value Bt1 per share. The 214 million new shares, or 29.97 per cent of its new registered capital, will go to an IPO after the Securities and Exchange Commission approves.
Richy Place 2002 develops detached houses, townhouses and condominium under the Le Rich and Rich Park brands. The company now has eight residential projects under development or for sale worth up to Bt5 billion.
The company’s president Apa Ataboonwongse said it had continued to develop residential projects close to Greater Bangkok’s mass-transit system and maintained business growth every year.
"We plan to raise capital from the market for business expansion in the future," she said.
Last year, the company reported revenue of Bt1.2 billion, up 194 per cent from Bt408 million in 2012, and net profit of Bt211.43 million, up 1,210 per cent from Bt16.13 million the previous year.