Frontline Engineering (FLE) listed on the MAI today with opening price of 1.45 baht, 17.89% above its 1.23 baht IPO price, raising 123 million baht. The company provides integrated water system management, pump rental, installation, and maintenance services, serving state agencies (86% of revenue) and private sector clients. FLE plans to scale its pump leasing business to generate recurring revenue, expand into data center water systems, and targets 8–9% revenue growth in 2026; with 352 million baht of backlog work identified and 2027 targeting contracts worth 500+ million baht.