Bangkok--10 Nov--SET
Market for Alternative Investment (mai) will list Comanche International pcl, a software developer and solution provider for hotel businesses, on November 11 under the ticker symbol "COMAN". The company has a market capitalization at its initial public offering (IPO) of THB 1.05 billion (approximately USD 30 million).
mai President Prapan Charoenprawatt said that COMAN would list and start trading on mai in the Technology industry group. COMAN developed software for hotels and service apartments operation management named "Comanche Hotel Software and Data Base", targeting three-star hotels up. Its existing customers included Centara Hotel Group, Imperial Hotel Group, Eastin Hotel Group, Cantary Hotel Group and Oakwood Hotel Group.
The company's investment policies focus on related businesses that support its core business. Currently, the company holds 99.99 percent of issued shares of MSL Software (Thailand) Co., Ltd., the digital solutions provider. MSL Software's services covered consulting, planning, designing and developing enterprise data management for large firms in financial and banking, as well as airline businesses, and others.
COMAN has a paid-up registered capital of THB 67 million, consisting of 100 million existing common shares and 34 million newly issued shares, with a par value of THB 0.50 each. During November 2-4, 2016 it offered newly issued shares to the general public via IPO at THB 7.80 each, for a total of THB 265.20 million. Trinity Securities Co., Ltd. is the financial advisor and underwriter.
COMAN's chief executive officer Somboon Sukheviriya said currently COMAN has around 650 hotel and service apartment customers, consisting of 540 domestic and 110 overseas customers in 17 countries. This listing would strengthen the company's potential to further expand both domestic and overseas businesses, in order to maintain its leadership position to better serve the travel industry. The fund raised would be used as working capital, as well as for developing programs and solutions related to its business group, while investing in areas that support its core business.
COMAN's two major shareholders after the IPO are Somboon Sukheviriya Group (38.06 percent) and Apichai Sakulsureeyadej Group (36.57 percent). The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 31.2 times calculated by using the company's net profit in the past 12 months (July 1, 2015 – June 30, 2016) of THB 33.98 million, divided by fully diluted shares, representing earnings per share of THB 0.25. COMAN's dividend policy is to pay no less than 40 percent of net profits (from the separate financial statement) after taxes and reserves.
For more information on COMAN, 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 atwww.comancheinternational.com , as well as www.set.or.th.
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