Thai automotive parts manufacturer PCS Machine Group Holding Plc announced plans to raise THB6.1bn in an initial public offering (IPO) to fund expansion and to repay debt.

The company, which makes drivetrain parts for petrol and diesel engines, plans to offer investors 357m common shares - equivalent to 25% of the company’s share capital. Bualuang Securities and Siam Commercial Securities will be the leading underwriters of the share issue.

PCS Machine Group Holding comprises three wholly owned automotive parts manufacturing subsidiaries, including PCS Precision Works, PCS Die Casting and PCS Forging. Among its domestic clients are Isuzu, Toyota, Mitsubishi, General Motors, Ford, Mazda, Nissan and Suzuki.