IPO Roadmap
IPO Roadmap
พิสูจน์ technical feasibility + secure concession
Corridor Holding BV (100% CEV)
↓
Yom River Pilot SPV (Development only)
Basin modelling
Geotechnical investigation
Pre-FEED
Concession negotiation
Secure DFI development loan
สร้าง 10 กม. pilot ให้สำเร็จ
Corridor Holding BV (70%)
Infra/DFI Equity (20–30%)
↓
Yom River SPV #1
Holding 60%
DFI 30%
Thai Strategic 10%
EPC execution
Secure availability-like revenue
Commission asset
Stabilise cashflow
📌 IPO ยังไม่ควร
ขยายเป็น 30–50 กม.
ตั้ง SPV เพิ่ม
Yom River SPV #2
Yom River SPV #3
Holding BV เป็น platform owner
เริ่มมี:
2–3 operational assets
Predictable annual cashflow
Multi-revenue stack
ตอนนี้เริ่มพูด “Green Infrastructure Platform”
✔ 3+ operational modules
✔ 15–20 ปี concession remaining
✔ EBITDA stable 3 ปีติด
✔ Debt structured
✔ Dutch engineering brand story
Corridor Holding BV
CEV 50–60%
Infra Fund 20–30%
DFI minority 10–20%
↓
Portfolio of 3–5 SPVs
Target:
Euronext Growth / Amsterdam
Structure:
Public investors buy shares in Holding BV
Holding owns majority in SPVs
IPO Story:
Climate-resilient infrastructure
Nature-based hybrid flood system
Integrated water-energy corridor
Long-term concession-backed cashflow
100–200 กม. vision alone = ไม่พอ
ต้องมี operational proof
ต้องมี audited revenue
ต้องมี contracted cashflow
Infra asset valued by:
EV / EBITDA multiple
Typical infra multiple:
8–15x EBITDA
IPO ไม่ควรพูดกับ:
Invest International ตอนนี้
NU
กระทรวง
มันคือ Phase 3–4 narrative
ตอนนี้คุณอยู่ Phase 0
อย่าใช้คำว่า:
“Listing on Euronext”
ใช้คำว่า:
“Scalable modular infrastructure platform with potential future capital markets access”
ฟัง institutional และไม่ overpromise
Year 0–2 → Development
Year 2–4 → First asset operational
Year 4–7 → Portfolio build
Year 7–9 → Institutionalisation
Year 8–10 → IPO window
CEV (100%)
↓
Corridor Holding BV (NL)
↓
Development SPV (Thailand)
Development loan (DFI)
No equity dilution yet
Secure first concession
Ownership:
CEV = 100%
Corridor Holding BV (70%)
DFI / Infra Investor (20%)
Local Strategic (10%)
↓
Yom River SPV #1
Ownership at Holding level:
CEV = 70%
Infra/DFI = 20%
Local = 10%
Goal:
Commission first module
Stabilize revenue
Corridor Holding BV
↓
SPV #1 (Operational)
SPV #2 (Under Construction)
SPV #3 (Pipeline)
Equity evolution (Holding level):
CEV = 55%
Infra Fund = 25%
DFI = 10%
Local Strategic = 10%
Now platform becomes “Infrastructure Portfolio”
Public Investors (Pre-IPO round)
↓
Corridor Holding BV
↓
Multiple SPVs
Ownership before IPO:
CEV = 40%
Infra/DFI = 35%
Local Strategic = 10%
Pre-IPO Investors = 15%
Listing: Euronext Growth / Amsterdam
Post-IPO structure:
Public Shareholders 60%
CEV 30%
Local Strategic 10%
(Infra/DFI exit partially through IPO or secondary sale)
Holding BV becomes listed parent of all concession SPVs
Assume:
Initial Holding equity value = €5M (development stage)
Post first asset operational value = €80M
Pre-IPO valuation = €250M
IPO valuation = €400M
Stage CEV Infra/DFI Local Public
Dev (Y0) 100% 0% 0% 0%
After 1st Asset 70% 20% 10% 0%
Portfolio Stage 55% 25% 10% 0%
Pre-IPO 40% 35% 10% 15%
Post-IPO 30% 20% (partial exit) 10% 40%
If IPO valuation = €400M
CEV 30% stake = €120M equity value
From 100% founder stage
→ €120M listed stake
That is realistic for infra growth platform (if execution successful)
You want Local Strategic 10% as long-term operator.
Structure:
Local Strategic signs O&M agreement
Holds 10% in Holding
Possibly 15–20 year O&M contract at SPV level
Incentivised through performance-based fee
That keeps operational continuity after IPO
To make IPO realistic:
You need at least 2–3 operational modules
Stable 15–25 year concession
Predictable availability or water revenue
Debt structured at SPV level
Holding BV cashflow positive
Without those, IPO story collapses
If government concession uncertain
→ IPO impossible
If revenue mix unstable
→ IPO discount severe
So development phase must focus on:
Contracted revenue
Risk allocation clarity
Dutch technical credibility