Bangkok--28 Feb--Neo Target
Rasa Property Development signs an agreement that selects Trinity Securities as the financial advisor and leading underwriter to set the initial public offering price at Bt 6.50 per share.
Rasa Property Development Plc assigns Trinity Securities Co., Ltd as the leading underwriter, and four other leading securities firms to be the co-underwriters, in a bid to offer 20 million common shares for initial public offering on March 1-2. The IPO price is set at Bt 6.50 per share.
Assoc. Prof Manop Bongsadadt, Chairman of Rasa Property Development Plc., revealed that, “Rasa Property Development Plc. expects to raise Bt 130 million by offering 20 million common shares for the IPO at the price of Bt 6.50 per share”. Rasa Property Development has assigned Trinity Securities Co., Ltd. to be the leading underwriter and also to be the financial advisor to list the company’s shares on the Stock Exchange of Thailand along with four other co-underwriters comprising of Seamico Securities Plc., Thanachart Securities Plc., Bualuang Securities Plc. and Ayudhya Securities Plc.
Pises Sethasathira, Managing Director at Trinity Advisory 2001 Co., Ltd. and executive of Trinity Securities Group, said that, “The IPO price of Bt 6.50 per share is a suitable price, closely representing the accounting price of the company in 2006. Also, the price is appropriate for the current stock market situation. Besides, the IPO price should possibly give the investors a satisfactory return. People interested in the IPO can contact our leading underwriter and four other underwriters.”
Rasa Property Development Plc. is a well-known property developer, one that was successful during the economic crisis. This is due to the company’s five strengths. 1) A transparent and visionary management team which has over 30 years of experience in the property business, and one based on trust with customers and business partners. 2) An effective market research team to support project development and to launch the products that match the needs of customers. The research team has also helped the company adjust its business strategy with the latest up-to-date information about the needs of the market and its customers. Because of this attention to detail, Rasa Property’s projects have been welcomed by customers with sales volumes meeting its targets. Even with unfavorable market situations, Rasa Property was rarely affected. 3) The company’s policy not to be dependent on the land bank, so it doesn’t have the risk on the capital investment risk and not to allow investment capital to lay idle in assets that are not generating profit 4) The Rasa Property brand is strongly recognized in the niche market. 5) Rasa Property’s projects are unique compared to its competitors. Projects are substantial yet maintainable. Project sizes are suitable for each plot of land planned for development. The design of each project is unique and focuses on maximizing benefits from the usable space. Each project maintains a safe, spacious and attractive environment for residents.
Assoc. Prof Manop Bongsadadt revealed that, “The purpose of offering shares to the public is to create more brand awareness and to raise funds for two new projects to be developed this year. One of the focuses is on the condominium project in the Central Business District. Although many property developers have jumped on this market, there’s still huge room to grow. The company is confident it will take up some market share following the completion of the project and its current expertise in the niche market. The company already has a potential customer base and has focused on expanding its relationship with current customers to reach new customers. The company’s advertising and marketing activity budget for this year surpasses its budget from last year.
Currently, Rasa Property Development has Bt400 million in registered capital and has become one of the country’s leading property developers on providing quality and unique housing and condominium developments located in the CBD and suburban areas. The company posted a satisfactory performance in 2006, receiving Bt668 million in revenue and a 56 per cent in growth compared to Bt240 million in revenue in 2005. It posted a net profit of Bt41 million.
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