Masstec Link Public Company Limited (MASTEC) is preparing for its listing on the Stock Exchange of Thailand (SET) following official acknowledgment of its filing by the Securities and Exchange Commission (SEC).
The company plans to offer up to 79 million shares in its initial public offering (IPO), leveraging its 25 years of expertise in sourcing and distributing engineering products—trusted by leading global brands. MASTEC delivers comprehensive consultancy and advanced engineering solutions for sustainable building systems. Asset Pro Management Co., Ltd. serves as its financial advisor.
Dusadee Meechai, Chief Executive Officer of MASTEC, disclosed that the company is a leading importer and distributor of engineering products with over 25 years of industry experience. The company is committed to delivering comprehensive and environmentally friendly engineering solutions for building systems under its vision: ‘Providing high-value technological solutions that benefit both customers and the environment.’ Supported by a team of specialized engineers and experts, MASTEC offers services ranging from engineering design interpretation and system design related to its product offerings to research, inspection, and consultation—ensuring optimal solutions that align with product technology, regulatory requirements, and customer budgets.
The company also provides installation, inspection, repair, and maintenance services to ensure the efficient operation of its engineering products. Currently, MASTEC imports and distributes engineering products across three main categories:
- Air Conditioning and Sanitation Systems – This product category includes components for large-scale cooling systems using water-based (Chillers) and Refrigerant. It also covers water-cooled air conditioning systems, featuring Manual Valves, 2-way and PICV control valves, Chilled Water Pumps for circulating cooled water, Cooling Towers, Water Treatment System that enhance heat dissipation to ensure optimal system performance, and pre-insulated ducts (PID). Additionally, the Company also offers copper pipes for refrigerant transmission in small to medium-sized air conditioning setups. For sanitation systems in high-rise and large buildings, the company supplies clean water pumps, wastewater treatment pumps, manual valves, and automated control valves for regulating pressure and flow.
- Fire Protection and Safety Solutions – This category includes components for comprehensive automatic water-based fire suppression systems, starting with Fire Pumps to supply water to the system, Sprinklers for fire suppression, and fire cabinets equipped with valves that indicate system readiness and issue fire alerts. Additionally, MASTEC provides fire containment solutions for building structures and open spaces to prevent fire spread, including fire-resistant Mortar, fireproof Silicone, and Composite Sheets.
- Energy Conservation and Environmental Innovation Solutions – These include chemical-free water treatment and disinfection systems for swimming pools, providing a safe alternative to traditional chlorine and salt-based chlorination, certified by the NSF in the United States. The company also supplies chemical-free cooling towers designed to eliminate algae and Legionella bacteria, which cause acute pneumonia, while preventing and removing fouling to enhance air conditioning efficiency and ensure long-term energy savings. MASTEC further provides air bubble removal and pressure control systems to optimize large-scale air conditioning performance, reducing energy consumption, minimizing chemical use, and lowering maintenance costs while extending system lifespan. Its solar energy solutions include solar panels, inverters, mounting equipment, PV cables, and batteries, offering a clean alternative energy source that reduces electricity costs for households, commercial buildings, and industrial facilities. Additionally, the company supplies high-standard EV chargers integrated with a web application platform for efficient management and real-time usage reporting, ensuring maximum operational effectiveness in electric vehicle charging infrastructure.
MASTEC serves as a distributor for a total of 30 leading international suppliers. The company holds exclusive distribution rights for six prominent brands: FRESE, FIVALCO, CHANGDER, FIREGUARD, ECO-WATER/ENVIROSWIM, and BOCA. Additionally, it acts as a non-exclusive distributor for 24 brands, including VIKING, REFLEX, NIHON SPINDLE, JOHNSON CONTROLS, and TDT.
Beyond these partnerships, MASTEC sources products from over 150 additional suppliers to ensure a comprehensive range of engineering solutions, including VALOR, a specialized valve line for air conditioning and sanitation systems, and ZERO FIRE, a premium fire cabinet solution.
During the years 2022–2024, the company recorded total revenues of THB 936.66 million, THB 984.46 million, and THB 943.22 million, respectively, with operating income representing 96.78%, 98.71%, and 99.22% of total revenue.
The revenue breakdown by product category averaged 60.93% from Air Conditioning and Sanitation Systems, 34.94% from Fire Protection and Safety Products, and 4.69% from Energy Conservation and Environmental Innovation Solutions of the company’s operating income. Additionally, revenue from the company’s proprietary brands accounted for 21.30%, 20.55%, and 23.61% of operating income across the three years, while net profits were THB 29.42 million, THB 42.35 million, and THB 41.92 million, respectively.
Dr. Somphop Sakpunpanom, Chairman of Asset Pro Management Co., Ltd. (APM), acting as the financial advisor for MASTEC, announced that the Securities and Exchange Commission (SEC) has officially acknowledged MASTEC’s initial public offering (IPO) filing. Following this approval, the company will proceed with a business presentation roadshow to enhance investor awareness, foster confidence among retail investors, and engage the general public. The roadshow is set to take place across Thailand.
“MASTEC has strong future growth potential, backed by an experienced leadership team and major shareholders with extensive expertise in the industry. The company is a leading importer and distributor of engineering products, covering air conditioning, sanitation, fire protection, and safety systems, while also expanding into innovative solutions for energy conservation and environmental sustainability. In addition to product distribution, MASTEC provides consulting services and engineering solutions, demonstrating its ability to adapt to rapid advancements in technology and innovation. The nationwide roadshow aims to enhance investor understanding of the company’s business and strengthen confidence among stakeholders,” Dr. Somphop stated.
Mr. Somsak Sirichainarumitr, Chief Executive Officer of Asset Pro Management Co., Ltd., the financial advisor for MASTEC, stated that following the submission of MASTEC’s application for securities offering approval and filing of the registration statement with the Securities and Exchange Commission (SEC), the company is set to issue and offer up to 79 million newly issued ordinary shares in its initial public offering (IPO), representing 26.33% of its total paid-up shares after the capital increase.
Upon completion of the IPO, the company will be listed on the Stock Exchange of Thailand (SET) under the Industrial Materials & Machinery sector, with a par value of THB 1.00 per share. MASTEC plans to utilize the funds raised to support the expansion of new product lines, focusing on engineering solutions for the energy conservation and environmental sectors. Additionally, the capital will be used to strengthen its Synergy Products division within the fire protection category and expand marketing channels nationwide. The remaining funds will be allocated as working capital for operational needs. The company has a dividend policy, committing to distribute no less than 40% of its net profit, based on its standalone financial statements, after deducting all legally required reserves and obligations each fiscal year.”
