ETL sets IPO share price, announces strategic expansion plans

This IPO is limited to 171,865,440 shares worth a total of 288.73 million baht. ETL’s stocks will be listed in the transportation and logistics business category.

Krishavan Chuecharoenchai, ETL managing director, said the goal of this IPO is to secure funding to improve operational efficiency and expand its services into new markets.

She emphasised that this move aligns with the growth of the cross-border logistics industry, driven by the increasing prominence of e-commerce.

Meanwhile, ETL CEO Darren Lee Yik Chieh said the funds raised from the IPO will be used for six purposes: vehicles, reefer containers, digitalisation and transportation management system, warehouses, debt repayment, and general internal operating expenses.

These objectives are closely aligned with ETL’s strategic business plans for the next three to five years, he said.

“We need more vehicles to serve the growing demand to expand our business into new markets, whether through mergers and acquisitions or partnerships. Meanwhile, we anticipate an increase in the cross-border transportation of agricultural products. As a result, we require funds to invest in temperature-controlled reefer containers as well as the infrastructure system for these cold-chain containers,” he explained.

Thailand's Commerce Ministry has forecast that agricultural exports will reach 200 billion baht by the end of this year, with the figure expected to rise year-on-year as Thai fruits and vegetables are in high demand in various international markets, particularly China.

According to Lee, cold-chain containers will boost the value of ETL’s services by keeping products fresh until they reach their destination. He added that ETL also aims to develop a real-time delivery tracking and management system to provide customers with complete visibility of their orders and to improve route-planning efficiency.

Lee also outlined plans for joint venture projects in Vietnam and Cambodia to strengthen its asset base, network and customer portfolio. The company is committed to exploring new business opportunities, including tow trucks, semi-trailers, road transportation and digital transformation.

Meanwhile, Krishavan said the company will launch the IPO offering in two phases: the first is reserved for shareholders of WICE Logistics Public Company Limited (formerly ETL), scheduled for October 11-12 and 16-18, and the second for general investors on October 24-26.

She believes ETL’s expertise in cross-border logistics and customs will make the IPO an attractive investment opportunity. The company aspires to maintain its position among Thailand’s top five logistics service providers, she added.