ATLAS Energy Public Company Limited (ATLAS) is set to begin trading on the Stock Exchange of Thailand (SET) on October 20, 2025, under the Resources industry group, Energy & Utilities sector.
The company operates a comprehensive energy business, encompassing storage, transportation, and distribution of petroleum and liquefied petroleum gas (LPG) products, prioritizing stringent safety standards and efficient cost management systems.
Mr. Suwatchai Pitakwongsaporn, Managing Director of ATLAS, emphasized the firm’s strong logistics and warehouse management systems, which are critical to its energy operations. The company handles all stages of logistics internally—ranging from managing and maintaining its fleet of trucks to strategic route planning—allowing for maximum transport efficiency and tight cost control.
This operational approach ensures optimal truck utilization, reduces downtime, and minimizes unnecessary expenses, thereby contributing to long-term competitive advantage.
ATLAS recently conducted its Initial Public Offering (IPO), issuing up to 418.42 million new shares, accounting for 29.50% of its total paid-up capital after the offering. Priced at THB 3.00 per share, the IPO raised a total of THB 1.26 billion.
The company outlined its investment plans for the IPO proceeds as follows: THB 99.90 million to expand LPG bottling facilities and retail shops for household supply; THB 162.20 million to acquire additional LPG storage tanks to support household demand; THB 241.60 million to develop new LPG service stations for the transport sector; THB 69.30 million for the ‘PT Auto Transform’ project to promote LPG as a vehicle fuel; THB 5.60 million to broaden its industrial and commercial customer base; THB 400 million for related business investments; and THB 220.70 million to be used as working capital, totaling THB 1.20 billion in designated funds.
ATLAS Energy’s revenue is driven by four main segments: LPG sales, management of petroleum stations, advertising, and membership services. The advertising segment, launched in 2019 through the ‘Taxi Transform’ project, now contributes around 60% of the company’s net profit and has expanded to include mobile and in-station advertising, offering continuous additional income.
LPG sales are divided among automotive, household, and industrial customers, with ATLAS operating 244 energy stations nationwide. The company manages service stations under the PTG brand, earning management fees following regulatory changes. Household LPG is offered through 400 retail outlets, with the company managing logistics in-house for better control over cost and quality, resulting in a gross margin of about 14-15%. ATLAS currently holds a leading 31.1% share in Thailand’s automotive LPG market.
Mr. Amorn Piriyapaetsom, Executive Vice President of Sage Capital, as ATLAS’ financial advisor, noted that ATLAS demonstrates strong potential for sustainable growth due to its fully integrated energy business structure and self-managed supply chain, allowing for effective cost and risk control. He stated that proceeds from the IPO will support business expansion and enhance long-term sustainability.
Notably, ATLAS has shown consistent operational growth over the past three years, with sales revenue totaling THB 5.83 billion in 2022, rising to THB 8.44 billion in 2023, and further to THB 9.71 billion in 2024. For the first half of 2025, the company reported sales revenue of THB 5.20 billion.
Regarding its dividend policy, ATLAS aims to pay no less than 30% of net profit after taxes and legal reserves, subject to operational performance and future investment needs.
