The IPOX® Watch: Asset World Corp
Company Description
Established in 2009, Asset World Corp PCL (formerly First Destination) is the real estate subsidiary of Thai conglomerates TCC Group, headquartered in Bangkok, Thailand. AWC focuses on real estate acquisition, development, and management in Hospitality (hotels geared to the meeting, incentives, conferences, and exhibitions travel markets and luxury hotels), and Retail and Commercial buildings such as retail and wholesale facilities, mixed-use properties, and office buildings.
Business Model
Asset World Corp generates revenue from Hospitality segment (hotel and related services) and Retail and Commercial segment (rental).
IPO History
On 10/10/2019, Asset World Corp Public Company Limited began trading on the Stock Exchange of Thailand (SET). The Thailand's integrated lifestyle real estate group, a member of TCC Group, offered 6,957,000,000 shares at THB 6.00 per share. Asset World Corp was valued at THB 185.74 billion (ca. US$5.89 billion) at offer. The shares opened flat at its initial public offering price of 6.00 Thai baht and closed the first day a little higher at 6.05 Thai baht (+0.83%).
Asset World Corp PCL was included in the IPOX® International Index (ETF: FPXI US) on 06/20/2022 and currently weighs ca. 3.53% of the portfolio.
* includes re-invested dividends
