A Thai factoring and financing company that also services letters of credit (L/Cs), has said it plans to raise at least 200 million baht (US$6 million) in an initial public offering (IPO) later this year.

Chief executive of IFS Capital (Thailand), Tan Ley Yen, is reported to have told local media that the company would use the IPO to float shares that would represent 25.53 per cent of the company's paid-up capital.

Confirmation

The company's financial services include L/C confirmation as well as inventory and contract financing for companies in the manufacturing and service sectors.

IFS Capital also provides factoring services for both local and foreign trade receivables.

Raising funds

Funds raised in the IPO will be used for working capital and business expansion.

"The IPO will allow us able to raise funds at relatively low cost, helping to boost our overall competitiveness. We also want to raise our profile to boost our customer base," Tan said.

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