Thai Auto Tools Group, a Thai-owned manufacturer of automotive components, jigs and dies, plans to launch an initial public offering (IPO) in mid-2013 to fund expansion of its flagship subsidiary Thai Auto Tools & Die.

Thai Auto Tools & Die expects to raise THB1bn (US$30m) with the IPO of which around THB250m will be invested in expanding its existing die and vehicle body plant in Pathum Thani.

A new plant is currently under construction in Chonburi for Thai Auto Tools (Eastern). It is scheduled for completion in 2014 at a cost of THB750m. It will also make dies, vehicle bodies and chassis frames.

The group is rebounding strongly from the disruption from last year’s floods and expects revenues to double to THB1.5bn in 2012. The company said demand for dies and tools continues to rise, helping to drive 2013 revenues up by 25% to THB2bn.