Bangkok--13 Oct--SET
Market for Alternative Investment (mai), under The Stock Exchange of Thailand (SET) group, will list Forth Smart Service pcl, a leading top-up machine service provider, on October 14, under the ticker symbol "FSMART.” The company has a market capitalization at its initial public offering (IPO) of THB 2,000 million (approx. USD 62.5 million).
mai President Prapan Charoenprawatt said FSMART was a subsidiary of Forth Corporation pcl (FORTH), a SET-listed company. It valued the spin-off benefits to boost business growth by using the capital market as a funding source to strengthen its financial status.
FSMART provides top up machine services for pre-paid mobile phones, online game top up, International call pin, Wi-Fi pin, Pre-paid internet via automatic top up machine named “Boonterm”. In addition, the company also offers franchise business and cooperates with partners such as chain convenience stores, hypermarket stores and BTS skytrains to provide its services. As of end-June 2014, the company has a total of 37,311 machines.
It has a paid-up registered capital of THB 400 million, consisting of 600 million existing common shares and 200 million newly-issued shares, with a par value of THB 0.50. Of the new shares issued, 96 million shares were offered to FORTH’s shareholders on October 1-3, 2014, and 104 million shares to the general public via initial public offerings (IPOs) at THB 2.50 each during October 6-8 for a total THB 500 million. Asset Pro Management Co., Ltd. is its financial advisor with Finansia Syrus Securities pcl as lead underwriter.
Somchai Soonswang, FSMART's managing director, said that the fund raised would be used to increase the amount of KIOSK machines, enabling target customers to access the machine in broader areas. With varieties of services, easy-to-use device and 24-hour call center service, the company firmly believed that these outstanding features would help boost its growth strongly and sustainably.
FSMART's three major shareholders after the IPOs are FORTH (45.75 percent), Amatanon group (6.47 percent), and Monthip Withayakorn (5.23 percent). The IPO price was equivalent to price per earnings ratio (P/E ratio) of 16.67 times, calculated by using the company's net profit in the past 12 months (July 1, 2013 - June 30, 2014) divided by fully diluted shares, representing earnings per share of THB 0.15. FSMART's dividend policy is to pay no less than 40 percent of net profits after taxes and reserves.
For more information on FSMART, 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.boonterm.com andwww.mai.or.th.