The Securities and Exchange Commission (SEC) has greenlit the filing of QTCG Public Company Limited ("QTCG") for an initial public offering (IPO) of 180 million shares, with a par value of 0.50 baht per share. The company aims to raise funds to enhance its project capabilities and expand business opportunities, striving to become one of Thailand's leading providers of comprehensive engineering system installation services.

Mr. Kittichai Nakaprasertkul, Senior Executive Vice President of Investment Banking at UOB Kay Hian Securities (Thailand) Public Company Limited, as the financial advisor for QTCG, revealed that the SEC has officially accepted the filing of QTCG's securities offering and draft prospectus for the IPO of 180 million shares, representing 30% of the company's total issued shares after this offering. The shares will have a par value of 0.50 baht each, and it is expected that the company will be listed on the Market for Alternative Investment (MAI) within the first quarter of 2024 in the real estate and construction sector.

“Currently, the company has a registered capital of 300 million baht, consisting of 600 million shares, with 210 million baht already issued and paid up. The company has a policy to pay dividends of no less than 40% of net profit after corporate income tax,”

QTCG operates a comprehensive engineering system installation contracting business (Mechanical & Electrical: M&E), which includes 1) electrical and communication systems, 2) air conditioning and ventilation systems, 3) plumbing and sanitation systems, and 4) fire protection systems. With over 22 years of experience, the company has a team of highly experienced engineers capable of providing comprehensive engineering system installation services in both main contractor and subcontractor formats. This service model effectively meets customer needs, earning the trust of clients for ongoing engineering system installation projects. The company targets a diverse range of industries, including power plants, industrial factories, buildings, hospitals, and hotels. As a leading provider of comprehensive engineering systems in Thailand, the company is well-positioned to drive continuous growth opportunities in the future.

Mr. Thitiwat Ngenamchokthanarat, CEO of QTCG, stated that “Listing on the MAI is a significant milestone for the company in enhancing financial capabilities to expand and strengthen the business, increasing opportunities for project acquisitions in the future.”

The funds raised will be used as working capital for the company's normal operations during 2024-2025, which will enhance competitive capabilities and create added value, aiming to become the leading provider of comprehensive engineering system installation services in Thailand. This aligns with the vision to improve work quality to maximize customer satisfaction through attentive customer service, effective project management, and adherence to international standards.

In terms of overall performance for the years 2021-2022 and the first nine months of 2023, QTCG reported construction and service revenues of 625.48 million baht, 905.50 million baht, and 590.52 million baht, respectively, primarily driven by revenue growth from engineering system installation services, with net profits of 23.43 million baht, 101.76 million baht, and 25.60 million baht, respectively.

For the first nine months of 2023, the company reported a net profit of 25.60 million baht, a decrease of 50.34 million baht or a decline rate of 66.28% compared to the same period last year. This was mainly due to the absence of revenue from asset management and interest income from loans to non-performing assets amounting to 4.66 million baht, as well as profits from the sale of loans to non-performing assets totaling 25.87 million baht, and a reversal of expected credit losses amounting to 19.21 million baht. If these impacts are excluded, the company would have reported net profits of 26.20 million baht and 25.60 million baht for the first nine months of 2022 and 2023, respectively, which are comparable levels.

As of December 25, 2023, the company has an unrecognized revenue backlog of approximately 1.248 billion baht, primarily from large projects with reputable clients, such as the CIB International School project, SHUSH condominium project, construction of the Ministry of Interior building, development of the extension area for the Government Complex Commemorating His Majesty the King's 80th Birthday, Amata One project, construction of the new Ying Charoen Market building, KIS International School project, etc.

“Throughout the past period, the company has been committed to maintaining construction quality and performance to meet standards and customer objectives continuously. These are the core principles that have created opportunities for QTCG to grow sustainably to this day,”