Bangkok--27 Jul--Brand Wealth
Will List in the Stock Exchange of Thailand in AugustThe Large Auto Parts Maker with operations in 4 Countrieswill use IPO proceeds to expand operations
Ingress Industrial (Thailand) PCL ("INGRS") has successfully become the First ASEAN Auto Parts Maker to be listed on SET. The Company offers IPO of its 578 Million shares at 1.33 baht for investors next week.
Datuk Dr. Rameli bin Musa, Deputy Chairman, Ingress Industrial (Thailand) PCL. say that " We are pleased to become the First ASEAN's Auto Part maker to list in SET. Today, we officially announced that we will offer the total of 578,442,900 IPO shares at 1.33 baht per share (Par value of 1 baht), to public investors. The IPO accounts for 40% of the total Company's shares. The IPO proceeds are mainly for Investment in new Projects to support our Customers' orders and also for paring down commercial borrowings of the Group as well as for additional working capital.
Mr. Abdul Rahim bin Haji Hitam, Chief Executive Officer, Ingress Industrial (Thailand) PCL, says that the Company is is the ASEAN's leading auto parts maker whose products are exported worldwide in line with its aspiration to be "An ASIAN Company with Global Reach". The Group has 9 companies consisting of 8 subsidiaries and 1 associate company with High-Technology capabilities in 4 key countries, Thailand, Malaysia, Indonesia and India. We have developed the necessary strength such as high-technology manufacturing plants which focus on making high-quality products for various car makers such as Honda, Mitsubishi, Ford, Mazda, General Motor, Isuzu, Suzuki, Nissan, HINO, Toyota, Daihatsu, Perodua and Proton as well as for customers in India such as Maruti-Suzuki, Fiat and Mahindra & Mahindra. We expect a strong
recovery of ASEAN automotive market and strong growth in India. With advanced technology, specialized manufacturing expertise and international accredited manufacturing system, the Group can compete in each important and high-potential market, therefore creating a strong and sustainable business. Our products are supplied to diversified customer base ranging from passenger cars, Sport Utility Vehicles (SUV), one-tonne pick-up trucks and mini trucks in all the ASEAN countries where the Group operates.
Ms. Wantana Petchlerkwong, Executive Vice President, Maybank Kim Eng Securities (Thailand) Plc. its Financial Advisor and Lead Underwriter, says that "We believe that INGRS IPO at 1.33 baht is very attractive to investors. INGRS is a tier-1 Asian Auto part makers and has a large customer base in 4 countries. Therefore, it has better risk management than most of its peers which operate mainly in Thailand. Valuation wise, the IPO price offers a good discount from the Target Prices of the Analysts while the analysts expect a strong positive growth for this year and the next 2 years. The IPO can be booked at May Bank Kim Eng Securities (Thailand) Co., Ltd., the Lead Underwriters and all Co-Underwriters; Asiaplus Securities Co., Ltd., KGI Securities (Thailand) Plc., Krungsri Securities Public Company Limited, KTB Securities Co., Ltd. and RHB Securities (Thailand) Plc. in first week of August, 2017.
With a registered capital of 1,446,942,690 Baht, INGRS has achieved total revenue of 2,915.9 Million Baht and Net Profits before Minority Interest of 210.4 Million Baht for the financial year ended 31 January 2017, a 19% increase from 177.0 Million Baht for the financial year ended 31 January 2016 with revenue of 3,158.6 Million Baht despite the Group having to recognize one off tax recalculation in compliance with the latest tax regulation amounting to 32 Million Baht. The Net Profit Margin increases to 7.22% despite the decrease in revenue. Nevertheless the Group is expected to benefit from improved sentiment in ASEAN and as well as the introduction of new products into the market. INGRS has a 40% dividend payout policy, of net profit after income tax and after the allotment of legal reserve.