"Origin Property" has announced that its board has approved the plan for "Primo Service Solution," a subsidiary that currently provides real estate-related services to property clients and related customer groups, to be listed on the stock exchange. They are preparing for an IPO to enhance operational flexibility in the real estate service business, expand investment opportunities, and continue investing in technology that can assist in service delivery, addressing all aspects of modern living. The company reported strong revenue and profit growth for 2021.

Mr. Pirapong Jaroonaek, CEO of Origin Property Public Company Limited (ORI), revealed that during the 5th board meeting of 2022 on July 7, a resolution was passed to approve the issuance and offering of new ordinary shares of Primo Service Solution Public Company Limited or PRI, which is a wholly-owned subsidiary of the company, to the public for the first time (IPO) and to list PRI on the Stock Exchange of Thailand (Spin-Off plan). The company has already submitted the securities offering registration statement and draft prospectus for the IPO to the Securities and Exchange Commission on July 27.

The issuance and offering of new ordinary shares of PRI to the public will result in the company's shareholding in PRI decreasing from 100% to no less than 75% of the paid-up capital after the IPO (assuming there is a subscription for the new shares). PRI will continue to maintain its status as a subsidiary of the company.

The approval of the Spin-off plan for PRI is part of the Origin Multiverse initiative aimed at enhancing the operational agility of the companies within the group, allowing them to carve out their own growth paths while increasing their competitive capabilities. Primo Service Solution Public Company Limited operates as a holding company investing in other companies that provide real estate-related services to property clients and related customer groups, covering a wide range of services such as engineering consulting and design, property management, and post-sales services. In 2021, it reported revenue and net profit of 489.56 million baht and 111.25 million baht, respectively, an increase from 266.51 million baht and 40.05 million baht in 2020.

The services under the subsidiaries of PRI encompass both B2B and B2C markets, addressing every aspect of life with a one-stop service that understands the deep insights of consumers. The company sees growth opportunities through fundraising, enhancing PRI's chances for business expansion, which is another way to achieve rapid growth and increase competitive capabilities for proactive business expansion, creating opportunities for both organic and inorganic growth, as well as advancing investments and developments in technology that will shape the future of services and modern living.

"The Spin-Off plan to list PRI on the stock exchange will help enhance the reputation and image of Primo Service Solution, making it more widely recognized, as well as increasing access to additional funding sources to support the vision of Total Life Service Solution, facilitating the search for business partners that will strengthen our ability to meet consumer needs even more, while driving the company's performance towards a positive trend and creating long-term stability," Mr. Pirapong stated.