Thai investment group Globlex Holding Management said on Wednesday it plans to raise 494.5 million baht ($12 million) in an initial public offering next week in a bid to expand in growing capital markets.
"This is good time to list because the market is on an uptrend," chief executive Chuangchai Nawongs told Reuters.
The company plans to sell 215 million shares, or 20.2 percent, at 2.30 baht each on September 22 and 23, he said.
The shares are expected to start trading on the stock exchange on October 5. United Advisory Service is financial adviser for the listing, Chuangchai said.
Globlex Holding, the sole shareholder in brokerage Globlex Securities and investment banker Globlex Advisory, is among five brokers planning to list on the Thai bourse this year.
Globlex Securities ranked 10the with a market share of 3.32 percent on Tuesday. Thailand has 35 brokers, with Kim Eng Securities the market leader with an 11 percent share.
The proceeds from the IPO would be used to expand its securities and advisory businesses, the company said in a filing to the Securities and Exchange Commission.
It plans to open five more branches this year and expand into the personal asset management business.
After the IPO, the company's registered capital will rise to 1.06 billion baht. In 2003, it had revenues of 654 million baht and a net profit of 154 million baht.
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