Bangkok--6 Oct--SET
The Stock Exchange of Thailand (SET) will list Origin Property pcl, a condominium project developer, on October 7, under the ticker symbol "ORI". The company has a market capitalization at its initial public offering (IPO) of THB 5.4 billion (approx. USD 150 million).
SET Executive Vice President Santi Kiranand said ORI would list and start trading on SET's Property Development sector, Property & Construction industry on October 7. The company operated condominium projects along themass transit train routes in Bangkok and suburbs with strengths in unique design, highly functional and efficient after-sales services. In addition, the company also offered other services, such as rental service, property management, and others. Currently, ORI has managed 21 projects worth a total of THB 13.5 billion, of eight ready-to-sell projects and 13 projects under construction.
ORI has a paid-up registered capital of THB 300 million, consisting of 450 million existing common shares and 150 newly-issued shares with a par value of THB 0.5 each. It offered 150 million newly-issued shares to the general public via IPO during September 30 to October 2, at THB 9 each, for a total of THB 1.35 billion. Kasikorn Securities pcl is its financial advisor and underwriter.
ORI's CEO Peerapong Jaroon-ek said the fund raised would be used for developing residential projects in potential areas in Bangkok and vicinity, as well as industrial estate, particularly in Sriracha projects near the eastern seaboard with high property demand, prime location, and convenient transportation. Moreover, ORI aimed to be a leading condominium developer in 2017.
ORI's three major shareholders after the IPO are Jaroon-ek Family (75.00 percent), Mr. Nares Ngam-Apichon (2.50 percent), and Mr.Sompong Chonecadeedumrongkul (0.83 percent). The IPO price was set by a book building process equivalent to price-to-earnings (P/E ratio) of 18.41 times. ORI's P/E ratio was calculated by using the company's net profit in the last four quarters (Q3/2014–Q2/2015) divided by fully diluted shares, representing earnings per share of THB 0.49. ORI's dividend policy is to pay no less than 40 percent of net profits after taxes and reserves.
For more information on ORI, 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.origin.co.th, as well aswww.set.or.th .
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