Bangkok--19 Dec--SET
The Stock Exchange of Thailand (SET) welcomes Chow Steel Industries plc to its Market for Alternative Investment (mai). The company will list and start trading on December 21, under the ticker symbol "CHOW," after it raised about THB 600 million (approx. USD 19.35 million) through an initial public offering (IPO).
CHOW manufactures and distributes steel billets, which are the key construction materials for the construction industry. The firm has a paid-up registered capital of THB 800 million, with a par value of THB 1 each. It sold 200 million new shares via IPO at THB 3 each on December 13-15. Triple A Plus Advisory Co., Ltd. was the company's financial advisor and KGI Securities (Thailand) pcl was the underwriter.
"The construction industry is promising, especially during the post-flood crisis, because the country is in a period of restoration and maintenance of its infrastructure system, public roads, habitation and many other business areas. So, this is one investment alternatives in line with the situation and meets investors’ demand," said Chanitr Charnchainarong, Executive Vice President of Issuer & Listing and mai's President.
Anavin Jiratomsiri, CEO of CHOW, said; "It is pleased to become a listed company on mai. CHOW is Thailand’s first listed steel billets manufacturer. The fundraising will boost our competitiveness and the proceeds will be used for working capital to cope with higher internal demand and to replace steel imports from overseas markets.”
The P/E ratio of the company at its IPO price was 11.91 times, while its dividend policy is to pay no less than 40 percent of net profits after taxes and legal reserves. CHOW's three major shareholders after IPO are the Jiratomsiri group (63.38 percent), Harnsawat group (4.25 percent), and Kamolrat Chitrapradabsilp (2.81 percent).
For more information on CHOW, 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.chowsteel.com and www.set.or.th.