Thai component manufacturer Ingress Industrial Thailand plans to list its shares on the Stock Exchange of Thailand (SET) in August through an initial public offering (IPO), according to local reports.
The company is part of Ingress Corporation which is based in Malaysia and consists of eight subsidiaries and an affiliated company with 10 auto component factories located in Thailand, Malaysia, Indonesia and India which make mainly vehicle body and chassis parts including complete door assemblies. The group also has car dealerships and companies operating in the energy and railway equipment sectors.
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The company plans to make available 578m shares priced at THB1.33, including 262m new shares and 316m shares currently held by the parent company, equivalent to close to 40% of the company's total equity. Trading is scheduled to start on 9 August.
The projected THB768m funds to be raised will be used to invest in new projects, for refinancing current operations and to increase working capital.
