Bangkok--11 Nov--SET
The Stock Exchange of Thailand (SET) will list FN Factory Outlet pcl, an outlet operator on November 14, under the ticker symbol "FN". The company has a market capitalization at its initial public offering (IPO) of THB 3.88 billion (approx. USD 110.9 million).
SET Senior Executive Vice President Santi Kiranand said that FN would list on SET in Service industry, Commerce sector. FN operated "FN Factory" outlets, selling various products under its own brands and other international brands, ranging from consumer products, apparel, bed items, furniture and home decor products. The outlets also sell foodand beverages from the royal projects as well as products from the so-called "OTOP" project to help villagers from each district nationwide to market their unique foods and handicrafts.
Currently, FN has seven branches and a shopping mall under SAVE NOW Co., Ltd., a subsidiary, which is positioned as a fighting brand, targeting middle to low income customers.
FN has a paid-up registered capital of THB 500 million, consisting of 750 million existing common shares and 250 million newly issued shares, with a par value of THB 0.50 each. During November 7-9, 2016 it offered newly issued shares to general public, institutional investors and FN's benefactors at THB 3.88 each, for a total of THB 970 million. Asset Pro Management Co., Ltd. is the financial advisor, while Finansia Syrus Securities pcl is the underwriter.
FN Chief Executive Officer Benyiam Songwatana said that this listing would strengthen FN'sfinancial capabilities. The fund raised would be used for branch expansion, renovation, debt repayment and as working capital.
FN's three major shareholders after IPO are Pricha Songwatana's group (31.50 percent), Somchai Songwatana's group (19.50 percent) and Varachai Songwatana (14.25 percent).The IPO price was equivalent to price per earnings ratio (P/E ratio) of 32.33 times calculated by using the company's net profit in the past 12 months (October 1, 2015 - September 30, 2016) of THB 115.75 million, divided by fully diluted shares, representing earnings per share of THB 0.12. FN's dividend policy is to pay no less than 40 percent (from the separate financial statement) after taxes and reserves.
For more information on FN, 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.fnoutlet.com , as well as www.set.or.th .
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