SET welcomes building construction company “NL” on Feb 20

Published on 19/02/2024

BANGKOK, February 19, 2024 – The Stock Exchange of Thailand will list NL Development pcl, a building construction services provider, on Feb 20 under the ticker symbol “NL”. The company has a market capitalization at its initial public offering (IPO) of THB 1.30 billion (USD approx. 36.31 million).


SET Senior Executive Vice President Manpong Senanarong said that NL will be listed and start trading on SET in the Property & Construction industry group, Construction Services sector.


NL provides a full-array of building construction services, from conducting surveys to designing and constructing building, as a main contractor. It is capable of carrying out projects in government and private sectors, and excels in constructing the buildings which require special structures and construction techniques such as hospitals in particular. In the past three years the company generated most revenue from government customer, largely from hospital-related projects. To support its operations, the company set up a subsidiary to engage in labor-related business. NL also has a steel bar cutting and bending plant for the efficient use and a wooden furniture plant to cater to customers’ demand for interior decoration. As of September 30, 2023, there were 10 undeliverable projects with a combined revenue backlog worth THB 2.11 billion.


After the IPO, NL has a paid-up capital of THB 500 million consisting of 370 million existing common shares and 130 million newly issued shares, with a par value of THB 1.00 each. It offered the newly issued shares to the general public during February 12-14, 2024, at THB 2.60 each. The IPO price is equivalent to the price-to-earnings ratio (P/E ratio) of 8.44 times, which was calculated from the company’s net profit of THB 154.10 million from the fourth quarter of 2022 to the third quarter of 2023, divided by fully diluted shares. Pioneer Advisory Co., Ltd. is the financial adviser and CGS International Securities (Thailand) Co., Ltd. is the lead underwriter.


NL President Sarun Rojlertjanya said NL provides end-to-end building construction services with 43 years of experience and evident achievements. The company has teams of experienced executives and engineers who supervise construction closely so that its construction services ensure completion with maximum accuracy and quality. Clients in the government and the private sectors have entrusted the company to implement considerable construction projects. Proceeds from the fundraising will be used to procure machines and equipment to support its operations and as working capital for the rising number of construction projects in the future.


NL’s dividend policy is to pay at least 50 percent of net profit from its separate financial statements after tax and all reserves required by law and its articles of association. The dividend payout is also subject to other factors including performances, liquidity, cash flow and future business expansion plans for the maximum benefits of shareholders.


NL’s major shareholder after the IPO is the Rojlertjanya family (73.62 percent) which is the group of its founders. The family’s shareholding is held through RL Janya Group International CO., Ltd. (30 percent) and individuals (43.62 percent).


For more information on NL, please see the company’s prospectus at the Securities and Exchange Commission’s website at; and for general information, please visit and