Bangkok--22 Mar--SET
Market for Alternative Investment (mai) will list Getabec pcl, a leading steam boiler producer and distributor, on mai on March 23, under the ticker symbol "GTB". The company has a market capitalization at its initial public offering (IPO) of THB 1.1 billion (approx. USD 31.40 million).
mai President Prapan Charoenprawatt said that GTB would list and start trading on mai in the Industrials industry group. GTB was a producer of high quality steam boilers, combustion system, and thermal energy engineering equipment, under its own brand "GETABEC" sold to domestic and foreign customers, as well as being an original equipment manufacturer (OEM) for international clients. The company was a distributor of steam boilers and related equipment of top global brands as well. In addition, GTB also gained revenues from maintenance and evaluation services for steam boilers.
GTB has a paid-up registered capital of THB 240 million, consisting of 720 million existing common shares and 240 million newly issued shares, with a par value of THB 0.25 each. During March 16-18, it offered newly issued shares to the general public via IPO, at THB 1.15 each, for a total of THB 276 million. Asset Pro Management Co., Ltd.was the financial advisor, while Finansia Syrus Securities pcl was its underwriter.
GTB Chief Executive Officer Suchat Mongkhonaripong said that GTB focused on quality and safety standards enhancement with skillful engineers and integrated services ranging from design, product selection, fuel selection and after-sales service. GTB's products could be used in almost every type of factories. Currently, the company operated six branches in Rayong, Samutprakarn, Samutsakorn, Songkla, Saraburi and Phitsanulok. The fund raised would be used to invest in factory expansion and increase production capacity at factories in Rayong andBang Phli. It would also be used for setting up a training center, for carrying out research and development, engineering calculation and design programs, as well as to open sales and customer service offices in Thailand and abroad.
GTB's three major shareholders after the IPO are Mongkhonaripong Family (75 percent), Paiboon Sereeviwattana(0.38 percent), and Somchai Pispahutarn (0.36 percent). The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 16.43 times calculated by using the company's net profit in the past 12 months (January 1 - December 31, 2015), which was THB 68.90 million, divided by fully diluted shares, representing earnings per share of THB0.07. GTB's dividend policy is to pay no less than 40 percent of net profits after taxes and reserves.
For more information on GTB, 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.getabec.com , as well aswww.set.or.th.