Bangkok--9 Oct--SET
The Stock Exchange of Thailand will list TOA Paint (Thailand) pcl, a manufacturer and distributor of paints and coating producer, on October 10, under the ticker symbol "TOA". The company has a market capitalization at its initial public offering (IPO) of THB 48.7 billion. (approx. USD 1.43 billion).
SET Senior Executive Vice President Santi Kiranand said that TOA would list and start trading on SET in Property and Construction industry, Construction Materials sector. TOA is Thailand's biggest paint and coating producer and distributor, of which products are available in particular all price range and functions. Its customers are both professional painters and retail customers (buy-it-yourself: BIY)
TOA has a paid-up registered capital of THB 2.03 billion, consisting of 1.78 billion existing common shares and 254 million newly issued shares, with a par value of THB 1.00 each. It offered 507.6 million IPO shares to general public, of which 254 million were newly issued shares and the remaining 253.6 million were existing common shares, at THB 24.00 each, for a total of THB 6.1 billion. Kasikorn Securities pcl and Bualuang Securities pcl are its financial advisors and lead underwriters.
TOA Chief Executive Officer Jatuphat Tangkaravakoon said that the fund raised would be used to develop and enhance the company's efficiency, expand business in domestic market, and construct the three overseas plants in Indonesia, Myanmar and Cambodia. This would boost up additional capacity of 14.5 million gallons a year, in accordance with the increasing demand in ASEAN, while expanding the company's market share in paints and protective-coating products in the ASEAN Economic Community.
TOA's three major shareholders after the IPO are Tangkaravakoon's Family (75.17 percent), UBS Securities Pte Ltd as an initial purchaser (10.78 percent) and AIA TH EQ 2 P (0.56 percent) The IPO price was set by a book building process, equivalent to price-to-earnings (P/E) ratio of 24.40 times calculated by using the company's net profit in the past 12 months (the third quarter of 2016 to the second quarter of 2017), divided by fully diluted shares, representing earnings per share of THB 0.98. TOA's dividend policy is to pay no less than 40 percent of net profit from the company's separate financial statement, after corporate income tax and legal reserves.
For more information, please see the company's prospectus at the Securities and Exchange Commission's website atwww.sec.or.th; and for general information, please visit www.toagroup.com , as well as www.set.or.th .