GGC to become first green chemical company listed on SET 

GGC will become the first green chemical company to be listed on the Stock Exchange of Thailand (SET), where its shares will appear under the petrochemical sector. 
The three-day subscription period for the IPO primary shares is April 20, 21 and 24.
GGC is one of the leading producers of methyl ester in Thailand and has been the nation’s sole manufacturer of fatty alcohols for more than 10 years.
Managing director Jirawat Nooritanon said on Tuesday that the funds raised from the IPO would be utilised to finance the construction of its second methyl ester plant in the Chon Buri district of Nong Yai, and the first phase of the company’s Biocomplex Project in Nakhon Sawan.
The remainder will be retained as working capital or for additional investment, if needed, in these two projects, he said.
“Furthermore, GGC aims to expand its green-chemicals portfolio in three product lines – biofuels, biochemicals derived from palm (oleochemicals) and sugar cane, and bioplastics – which will become our key growth drivers in the future,” he added.
At present, GGC holds a total nameplate capacity of 300,000 tonnes per year for methyl ester, 100,000 tonnes per year for fatty alcohols, and 31,000 tonnes annually for refined glycerine.
“Enhancing our production capacity for methyl esters by establishing another plant with an installed capacity of 200,000 tonnes per year is a strategic move to serve the burgeoning demand for green chemicals in the future, according to estimated figures from the Department of Alternative Energy Development and Efficiency, which indicates an estimated increase in methyl ester consumption of up to 5 million litres per day by 2026 and 14 million litres per day by 2036. 
“Moreover, building our second methyl ester plant will allow for flexible feedstock allocation and optimised capacity adjustments to enable greater efficiency,” the managing director said.
“The road map for our Biocomplex Project is divided into two phases. The first phase will involve an arrangement for a joint venture with Kaset Thai International Sugar Corp to establish (1) a sugar-cane juice and syrup crushing mill with up to 2.4 million tonnes of annual milling capacity, (2) an ethanol plant with a nameplate capacity of 186 million litres per year, (3) biomass power plants and a high-pressure steam production plant to be utilised within the complex where excess capacity can be sold to external parties, and (4) other bio-based utility infrastructures to serve future biochemicals developments,” Jirawat explained.
“As for the second phase, GGC is in the process of assessing the potential for further investments in bioplastics and biochemicals using the sugar-cane juice, ethanol, green chemicals, and other byproducts obtained from the project,” he added.
While construction for the second methyl ester plant is already under way with commercial operations anticipated in 2018, GGC is currently undergoing feasibility studies and is considering investment details for its Biocomplex Project, in parallel with a comprehensive assessment on the environmental impacts, engineering designs and regulatory approvals this may entail. 
Construction is expected to commence within the fourth quarter of this year, for scheduled commercial operations in the final quarter of 2019.
“We are confident that our extensive experience in the green chemicals business, prominent position in the regional oleochemicals industry, growth prospects in the industry and strategic relationship with PTTGC and PTT Group, strong commercial reputation, high-quality products and standardised services, as well as our strategic location near business partners and customers at the Map Ta Phut Industrial Estate, all contribute to the company’s sustainable path as a leading green chemicals company, creating a long-term value for shareholders and stakeholders,” the MD said.
Finansa Securities and Phatra Securities will act as financial advisers and lead underwriters for the upcoming IPO. 
Investors can subscribe for GGC’s primary shares during April 20–21 and 24, during the operating hours of the lead underwriters. 
Moreover, there are seven more co-underwriters involved in the offering: KGI Securities (Thailand), CIMB Securities (Thailand), Tisco Securities, SCB Securities, Bualuang Securities, Finansia Syrus Securities, and RHB Securities.
GGC expects to announce the price for its IPO shares later on both the Securities and Exchange Commission website (www.sec.or.th) and the company’s website (www.ggcplc.com).