Bangkok--29 Mar--SET
The Stock Exchange of Thailand (SET) will list Synergetic Auto Performance pcl, a total solution car rental company, on March 30, under the ticker symbol "ASAP". The company has a market capitalization at its initial public offering (IPO) of THB 2 billion (approx. USD 57.14 million).
SET Senior Executive Vice President, Santi Kiranand, said that ASAP would list on SET in the Financials industry, Finance & Securities sector. To serve customer needs in various industries, ASAP offers a total solution of car rental services, under the brand "asap", ranging from self-driven short-term car rental service for individual customers to self-driven long-term car rental service (Operating lease) and chauffeur-driven car rental service (Limousine) forcorporate customers.
ASAP has a paid-up registered capital of THB 330 million, consisting of 450 million existing common shares and 210 million newly issued shares, with a par value of THB 0.50 each. During March 22-24, 2017, it offered 189 million newly issued shares to general public and 21 million newly issued shares to directors and management at THB 3.03 each, for a total of THB 636.30 million. Tisco Securities Co., Ltd. is the financial advisor and underwriter.
ASAP Chief Executive Officer, Songvit Titipunya, said that this listing would strengthenASAP's financial capabilities. The fund raised would be used to build a car service center namely "asap Auto Park" at Bangna-Trad road to serve a growing demand of long-term and short-term car rental business, which is expected to be completed by Q1/2018. The fund raised would also be used for debt repayment and as working capital.
ASAP's three major shareholders after IPO are Songvit Titipunya Family (68.18 percent), Deutsche Bank AG, London (3.18 percent), Yol Phokasub (0.68 percent), as well as The IPO price was set by a book building process, equivalent to price-to-earnings ratio (P/E ratio) of27.55 times calculated by using the company's net profit in 2016, divided by fully diluted shares, representing earnings per share of THB 0.11. ASAP's dividend policy is to pay no less than 60 percent of net profit, from the company's separated financial statement, after taxes and reserves.
For more information on ASAP, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th ; and for general information, please visitwww.asapcarrent.com, as well as www.set.or.th.