SIAA, Thailand's leading automotive auction operator, has filed for IPO on the MAI exchange with up to 94.1 million shares (32% post-IPO dilution). The company plans to raise capital for facility expansion and technology investments in AI, IoT, and automation through 2571-2572. SIAA reported net profit of 180.71B in 2568 but declined to 45.79B in H1 2569, primarily due to reduced vehicle repossessions from government debt-relief measures (Khun Suea Rao Chuay). The business depends on institutional clients (98-100% of vehicles) and faces concentration risk from top three suppliers representing 28-35% of vehicle intake. Dividend policy targets ≥40% payout ratio.