mai welcomes integrated building services engineering firm “QTCG” on April 4

Published on 03/04/2024

BANGKOK, April 3, 2024 – The Market for Alternative Investment (mai) will list QTCG pcl, a full array of building system engineering contractor, on April 4, 2024, under the ticker symbol “QTCG”. The company has a market capitalization at its initial public offering (IPO) of THB 720 million (approx. USD 19.75 million).


mai President Prapan Charoenprawatt said QTCG will start trading on mai in the Property & Construction industry group.


QTCG provides a full range of mechanical and electrical (M&E) building services engineering consisting of electrical and communication systems, air conditioning and ventilation systems, sanitary and water supply systems, and fire protection systems. The company has customers in both the public and private sectors, spread across various industries such as power plants, industrial plants, buildings, hospitals, and hotels. The company undertakes projects both as the main contractor directly from project owners and as a subcontractor from the project’s main contractor. In 2023, the revenue ratio from being the main contractor to being a subcontractor was 50:50. As of December 31, 2023, the company had a backlog of THB 1.16 billion. Moreover, QTCG’s 99-percent owned subsidiary, Suvarnabhumi Asset Management Co., Ltd., was engaged in the asset management business by purchasing or receiving transfers of debtors from financial institutions but the company is currently suspended temporarily.


After the IPO, QTCG has a paid-up capital of THB 300 million, consisting of 420 million existing common shares and 180 million newly issued shares with a par value of 0.50 baht per share. Of the total newly issued shares, no less than 135 million shares were offered to individuals at the underwriters’ discretion, up to 27 million shares to the company’s patrons, and up to 18 million shares to the company’s directors, executives, and / or employees during March 27-29, 2024, at a price of THB 1.20 per share, with an offering value of THB 216 million. The IPO price was equivalent to the price-to-earnings (P/E) ratio of 32.69 times. The earnings per share is equal to THB 0.04 which was calculated from the net profit over the past 12 months (year 2023), at THB 22.02 million, divided by fully diluted shares. UOB Kay Hian Securities (Thailand) pcl acts as the financial advisor and co-lead underwriter while Trinity Securities pcl is also the co-lead underwriter.


QTCG Chief Executive Officer Thitiwat Ngurnnumchokethanarat said that the company has over 23 years of experience in the business with team of experienced and capable engineers, enabling the company to provide comprehensive building services engineering to cater effectively to customer needs and deliver high-quality, standardized works within agreed timeframes. The proceeds from this capital raising will be used as working capital.


After the listing, QTCG’s major shareholders are the Ngurnnumchokethanarat family (56 percent) and Yodsawee Wattanateerakitja (7 percent). QTCG’s dividend policy is to pay at least 40 percent of net profit from separate financial statements after corporate income tax and various reserves.


For more information on QTCG, please see the company’s prospectus at the Securities and Exchange Commission’s website at, and general information on and