Bangkok--22 Aug--SET
Market for Alternative Investment (mai), under The Stock Exchange of Thailand (SET) group, will list Exotic Food pcl, Thai seasoning products and cooking ingredients producer and exporter, on August 25, under the ticker symbol “XO”. The company has a market capitalization at its initial public offering (IPO) of THB 770 million (approx. USD 24 million).
mai President Prapan Charoenprawatt said that XO manufactured and distributed seasoning
products, food ingredients, health drinks, ready meal as well as instant food and semi-instant food, under the “EXOTIC FOOD”, “THAI PRIDE”, “FLYING GOOSE” and “COCO LOTO” brands. It exported these products to more than 50 countries worldwide.
XO has a paid-up registered capital of THB 175 million, consisting of 280 million existing common shares and 70 million newly-issued shares, with a par value of THB 0.50. It sold the new shares to the general public via initial public offerings (IPOs) at THB 2.20 during August 18-20 for the total of THB 154 million. Finnex Advisory Co., Ltd. is its financial advisor and Finansia Syrus Securities pcl is its lead underwriter.
Jittiporn Jantarach, Exotic Food pcl’s MD said proceeds of the fundraising would be used to buy machinery and equipment, build new factory to increase effectiveness and expand production capacity to cope with higher demand and to repay bank debts. The fund will also be used as working capital in order to boost its revenue capability and profitability in the future.
XO's three major shareholders after the IPOs are Jantarach Group (66.76 percent), Mr. Nicolas Martin (2.34 percent) and Mr. Paul Lenten (2.26 percent). The IPO price was equivalent to price per earnings ratio (P/E ratio) of 14.54 times, calculated by using the company’s net profit in the last 12 months (July 1, 2013 – June 30, 2014) divided by fully diluted shares, representing earnings per share of THB 0.15 XO's dividend policy is to pay no less than 50 percent of net profits after taxes and reserves.
For more information on XO, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th and general information at the company's website at www.exoticfoodthailand.com and www.mai.or.th.