Thailand's NL Development (BKK:NL) has utilized 307.5 million baht, or about 93.8%, of the 327.86 million baht in net proceeds raised from its February 2024 initial public offering as of June 30, 2026, according to a Wednesday Thailand Exchange filing.

The company spent 29.6 million baht on construction tools and equipment and fully deployed 277.86 million baht as working capital for business expansion.

NL Development had 20.4 million baht in unutilized IPO proceeds remaining at the end of June, earmarked for future purchases of construction tools and equipment, the filing said.