Bangkok: The Market for Alternative Investment (MAI) welcomed MMM Capital Public Company Limited (MMM), a leading residential real estate agency, to begin trading on November 7 under the Real Estate and Construction group. It is the first listed company to move from the Live Exchange (LiVEx) market.
According to Thai News Agency, MMM is a real estate agency specializing in the sales of all types of residential properties to project owners, including detached houses, duplexes, townhomes, and condominiums. The company also provides marketing and sales strategy planning services through a network of independent agents. MMM operates a second-hand residential property trading business, renovating and restoring them to a good condition before selling them. As of June 30, 2025, the company’s sales channel is through a network of 361 registered independent agents, with 29 projects in operation and awaiting sale, totaling 808 units. For the first six months of 2025, the company’s revenue ratio from project sales consulting (non-guaranteed sales): project sales management (guaranteed sales): real estate trading is 37:56:7, respectively.
Mr. Prapan Charoenprawat, Managing Director of MAI, expressed that MMM will be the first listed company to transition from LiVEx, marking a significant milestone for the company and the exchange. Ms. Nicha Rojwattana, CEO of MMM, highlighted the company’s strategy of employing a network of independent brokers who are compensated through a margin-based commission. This approach allows brokers to tailor promotions to meet buyers’ needs, thereby increasing the likelihood of closing sales. The funds raised from this offering will be allocated as a security deposit for real estate sales contracts, to purchase properties for the real estate trading business, and as working capital to support business expansion.
MMM’s offering details reveal a paid-up capital after PO of 150 million baht, with a par value of 0.50 baht per share. This includes 247.8 million existing common shares, 52.2 million newly issued common shares, and 12 million existing common shares for sale by Natcha Holding Co., Ltd. The shares were allocated to various individuals at the discretion of the underwriter, priced at 5.50 baht per share, totaling 287.1 million baht in capital raising and 353.1 million baht in offering value. The market capitalization at the PO price stands at 1.65 billion baht, based on a price-to-earnings ratio of approximately 13.41. Pioneer Advisory Co., Ltd. served as financial advisor while KGI Securities (Thailand) Public Company Limited acted as the underwriter and distributor of common shares.
Post-offering, major shareholders Ms. Nicha Rojwattana and Mr. Suriya Wongsitthichaikun hold a combined 73.33% of shares. The company maintains a policy of distributing dividends to shareholders at a rate of not less than 40% of net profit from the company’s separate financial statements, after deducting corporate income tax and allocating necessary reserves as per legal and company regulations.