Bangkok--31 Oct--SET
Market for Alternative Investment (mai) will list Floyd pcl, a mechanical, electrical, and plumbing service contractor, on November 1, under the ticker symbol "FLOYD". The company has a market capitalization at its initial public offering (IPO) of THB 1.01 billion (approx. USD 28.8 million).
mai President Prapan Charoenprawatt said that FLOYD would list and start trading on mai in the Property & Construction industry group. FLOYD, the mechanical, electrical, and plumbing service contractor with over 29 years' experience, provides a comprehensive service ranging from detailed engineering works and material procurement to installation works which cover three systems – 1) electrical and communication system 2) sanitary and fire protection systems and 3) air-conditioning and ventilation system. The company's major customers include department stores and retailers, residential condominium, office buildings, hospitals and industrial plants.
FLOYD has a paid-up capital of THB 180 million, consisting of 270 million existing common shares and 90 million newly issued shares with a par value of THB 0.50 each. The company offered the newly issued shares to general public via IPO during October 18-20, 2017, at THB 2.80 each for a total of THB 252 million. AEC Securities pcl is the financial advisor and lead underwriter.
FLOYD Managing Director Thosaporn Jittawera said that the company has applied value added creation strategy to its business operation by providing excellent and efficient management services with meticulous attention to details, while delivering in a timely manner. FLOYD is committed to ethical and transparent business operations to build customer confidence and to ensuresatisfaction on service quality by using knowledgeable and experienced workforce catering to customer demand. The fund raised would be used as working capital for business expansion and to construct an office building and training center to enhance employee's efficiency and service capability for sustainable growth in the future.
FLOYD's four major shareholders after the IPO are Muangkasem family, Jittawera family, Lertsupakul family and Thasanasugarn family at 18.75 percent each. The IPO price was equivalent to price-to-earnings (P/E) ratio of 13.33 times calculated by using the company's net profit in the past four quarters (Q3/2016 – Q2/2017), divided by fully diluted shares, representing earnings per share of THB 0.21. FLOYD'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 and other reserves as required by the company.
For more information, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th; and for general information, please visit www.floyd.co.th, as well as www.set.or.th.