Bangkok--28 Nov--SET
The Stock Exchange of Thailand (SET) will list Thai Nippon Rubber Industry pcl, a natural rubber condom and related product manufacturer and distributor on November 29, under the ticker symbol "TNR". The company has a market capitalization at its initial public offering (IPO) of THB 4.8 billion (approx. USD 137 million).
SET Senior Executive Vice President Santi Kiranand said that TNR would list on SET in Consumption industry, Personal Products & Pharmaceuticals sector. To serve both domestic market and more than 100 countries worldwide, TNR produces and distributes premium quality condoms from natural latex and other related products under the brand "Onetouch" and also produces original equipment manufacturer products, while being bidder for public procurement contracts in both government and private sectors.
The company has two factories in Laemchabang Industrial Estate and Pinthong Industrial Estate, in the eastern of Thailand, with a combined capacity of 1,959 million pieces of condom per annum.
TNR has a paid-up registered capital of THB 300 million, consisting of 262.50 million existing common shares and 37.50 million newly issued shares, with a par value of THB 1.00 each. During November 21-23, 2016 it offered newly issued shares and 37.5 million vendor shares of THK investment Co., Ltd. to general public, institutional investors and TNR's benefactors at THB 16.00 each, for a total of THB 600 million. Kasikorn Securities pcl is the financial advisor and underwriter.
TNR Chief Executive Officer Amorn Dararattanaroj said that this listing would strengthenTNR's financial capabilities. The fund raised would be used for debt repayment and as working capital to fulfill the company's goal to increase Onetouch's domestic market share to 35 percent in 2020 from the current 20.6 percent, while speeding up to expand into high demand in new overseas markets, especially in Asia and Africa.
TNR's three major shareholders after IPO are Charoen Aksorn Holding Group Co., Ltd. (26.25 percent), THK Investment Co., Ltd (13.75 percent), as well as Somsak, Surapon, Amorn and Sirinan Dararattanaroj (8.75 percent each). The IPO price was equivalent to price per earnings ratio (P/E ratio) of 20.4 times calculated by using the company's net profit in the past four quarters (October 1, 2015-September 30, 2016) of THB 235.10 million, divided by fully diluted shares, representing earnings per share of THB 0.80. TNR's dividend policy is to pay no less than 40 percent (from the separate financial statement) after taxes and reserves.
For more information on TNR, 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.tnrcondom.com, as well as www.set.or.th .