Bangkok--18 Dec--SET
The Stock Exchange of Thailand (SET) welcomes SPVI pcl, an Apple authorized reseller, to its Market for Alternative Investment (mai). The company will list and start trading on December 19 under the ticker symbol "SPVI," with a market capitalization of THB 360 million (approx. USD 11.25 million).
SET Executive Vice President Chanitr Charnchainarong said that SPVI was the 14th IPO listed on mai. The company was an associate company of two listed companies, SVOA pcl and IT City pcl., who realized the importance of the capital market in matching financial opportunities for businesses, and therefore decided to spin off SPVI through an initial public offering (IPO).
SPVI is an authorized reseller of Apple products and also a distributor of Non-Apple products. SPVI has 17 branches nationwide, 54 selling sites in IT City and Big C stores, and 3 Smart Bar centers. The company has the sole authorized Apple Training Center in Thailand, providing training that meet Apple’s standards.
SPVI has a paid-up registered capital of THB 200 million, with a par value of THB 0.50 each, consisting of 290 million existing common shares and 110 million newly-issued shares. Of the new shares issue, 104.5 million shares were offered to the general public through an IPO and 5.5 million were issued to the company’s directors and employees on December 11-13, at THB 0.9 per share, for a total of THB 99 million. Finansia Syrus Securities pcl is the company's financial advisor and underwriter.
Trisorn Volyarngosol, Managing Director of SPVI, said that it was honored and very pleased that the company had raised funds and listed on mai. Proceeds would be used to expand its retail distribution channel and service center, also improve its IT system and network to cope with increasing demand.
SPVI's three major shareholders after the IPO are IT City pcl (29.00 percent), the Volyarngosol group (24.12 percent); and Patchara Kiatnuntavimol (2.90 percent). The IPO price had a price-earnings (P/E ratio) of 14.02 times, calculated using earnings over the last 12 months (from October 1, 2012 to September 30, 2013), divided by the number of fully-diluted shares, equivalent to an earnings per share of THB 0.06. The company's dividend policy is to pay no less than 40 percent of net profits after corporate taxes.
For more information on SPVI, 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.spvi.co.th and www.mai.or.th