Bangkok--3 Jul--SET
The Stock Exchange of Thailand (SET) welcomes Sriracha Construction pcl to its main board. The company will list and start trading on July 2, under the ticker symbol “SRICHA,” with market capitalization at the initial public offering (IPO) price of THB 4.55 billion (approx. USD 138 million).
SRICHA operates construction services, particularly in structural steel, piping fabrication and erection, as well as mechanical construction. It is engaged in every aspect of construction for both domestic and foreign customers and has vast experience in the energy industry, including refineries, petrochemical and power plants, and mines, as well as the agricultural and food industry.
“SRICHA has been successful in constructing more than 50 plants domestically and internationally. It has earned a reputation for high quality of design, and building. Thus, we strongly believe that SRICHA’s listing on SET will be an attractive alternative for investors,” said SET’s Executive Vice President Chanitr Charnchainarong.
The company has a paid-up registered capital of THB 303.25 million, with a par value of THB 1 each, consisting of 225 million existing common shares and 78.25 newly-issued million shares. The company also issued 6.75 million units of warrant with a three-year maturity to its directors and employees under its ESOP (Employee Stock Option Program). The company sold shares at THB 15 per share to the general public at its initial public offering on June 22, 25-26 to raise THB 1.17 billion (USD 36 million). Kasikorn Securities pcl is its financial advisor and underwriter. Boonkrua Khemapirat, Managing Director of SRICHA, said; “We are very pleased that the company has listed on SET. SRICHA is a leading mechanical construction firm and has building experience of more than 17 years. The funds raised will enhance the firm’s image and create business opportunities for us to gain recognition in domestic and overseas markets. Proceeds will be used for plant expansion and investment to cover large-sized projects and strengthen our capabilities.”
The P/E ratio of the company’s shares at its IPO price was 4.17 times, while its dividend policy is to pay no less than 50 percent of net profits after reserves. SRICHA’s three major shareholder after IPO are Sriracha Holding Co.,Ltd. (47.9 percent), the Boonkrua Khemapirat group (15.3 percent), and Gridsada Potisomporn (3.3 percent).
For more information on SRICHA, 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.sriracha.com and www.set.or.th