Before taking IEC public in 1992, Sondhi allotted a 17.5 per cent stake in the company to Thaksin. Thaksin bought the stake at Bt10 per share. After the listing, IEC's share price shot up to THB 250 each and Thaksin sold out his stake. Sondhi said Thaksin made between THB 600 million to THB 700 million from the IEC float. Sondhi wrote in his book, "One Must Know How To Lose Before Knowing How To Win", that he felt that Thaksin was a free rider and did not want to do business with him.