The subsidiary of Jasmine International will float 175 million shares at one baht par value, equal to a 25% stake in the company. Subscriptions will be from June 3 to 5, with funds raised to help finance business expansion.

The stock is expected to be listed on the Stock Exchange of Thailand in the third week of June. Pricing for the IPO has yet to be announced.

JTS president Subhoj Sunyabhisithkul said the company had a backlog of 1.2 billion baht in projects from 2005 with revenues to be realised this year.

The company also expects business growth from a new 1.5-billion-baht broadband network contract. Telecom liberalisation is also expected to lead to greater industry growth and investment.

JTS operates four business lines _ telecom system integration, pay phones, test equipment and computer system integration through subsidiary Siam Teltech Computer.

Somboon Patcharasopak, a JTS director, said the IPO would help raise funds for its public pay-phone programme, which calls for the installation of 18,000 units over the next two years and priced at 40,000 baht per unit.

Lalida Rojanavasee, an executive vice-president at adviser Seamico Securities, said revenue growth for the company was projected at 15% to 16% this year.

Of the total offering of 175 million shares, 50% will be allocated to institutional investors, 30% to retail investors and the rest to company sponsors.

The IPO will dilute Jasmine International's holdings in JTS to 57.14% from 76.19% while the Knight Thai Technology Fund will have its holdings fall to 17.86% from 24%. Paid-up capital will increase to 750 million baht from 525 million.

JTS will also float five million shares and 21.25 million warrants under an employee stock option programme.