Bangkok--16 May--SET
Market for Alternative Investment (mai) will list Bangkok Sheet Metal pcl, a leading manufacturer and distributor of processed metal products, on May 17, under the ticker symbol "BM." The company has a market capitalization at its initial public offering (IPO) of THB 1.15 billion (approximately USD 32.54 million).
mai President Prapan Charoenprawatt said that BM would list and start trading on mai in the Industrials Industry Group. BM was a manufacturer and distributor of processed metal products such as metal trunking, communication racks, cabinets, enclosures, electrical switchboards and lighting fixtures, under the brands "BSM", "BM", "BS" and "BEST". Its well-established expertise for processed metal quality has widely been recognized by electrical and telecommunication system contractors as well as customers in various industries. The company also offered made-to-order fabrication works, while being white conduits distributor.
BM has a paid-up registered capital of THB 200 million, consisting of 300 million existing common shares and 100 million newly issued shares, with a par value of THB 0.50 each. During May 9-11, it offered newly issued shares to the general public via IPO, at THB 2.88 each, for a total of THB 288 million. Asset Pro Management Co., Ltd. isthe financial advisor, while Capital Nomura Securities pcl is its underwriter.
BM Chief Executive Officer Tanin Sajjaboribun said that the company focused on product quality, responding to customer needs, while utilizing modern technology for production. To strengthen financial capability and boost customers' confidence, the fund raised would be used for building the second factory, buying new machinery,renovating factory, and as working capital and debt repayment.
BM's three major shareholders after the IPO are Sajjaboribun Family group (29.58 percent), Amornthatri Family Group (11.89 percent) and Vongswangrussamee Family Group (10.99 percent). The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 16.94 times calculated by using the company's net profit in the past year(January 1, 2015-December 31, 2015), divided by fully diluted shares, representing earnings per share of THB 0.17. BM's dividend policy is to pay no less than 40 percent of net profits after taxes and reserves.
For more information on BM, 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.bsmp.co.th , as well aswww.set.or.th.