Bangkok--10 Jun--SET
Market for Alternative Investment (mai) will list Mitsib Leasing pcl, a leasing company for taxi and commercial vehicles,on June 11, under the ticker symbol " MITSIB". The company has a market capitalization at its initial public offering (IPO) of THB 1.67 billion(approx. USD 52.11 million).
mai President Prapan Charoenprawatt said that MITSIB would list and start trading on mai in Financials Industry Group.
MITSIB operates new and second-hand taxi sales and hire-purchase lease businesses. It also offers hire-purchase lease services for commercial vehicles such as bus or truck, and others. MITSIB provides the full scope of services with entire fleet of vehicles for sales, equipped with accessories ready to join the government's Taxi OK project, as well as providing car registration renewal, compulsory and voluntary motor insurances, and car inspection services. The company has also joined hands with partners to develop an online cab-hailing application "APPTaxi".
MITSIB has a registered paid-up capital of THB 333.5 million, consisting of 500 million existing common shares and 167 million newly issued shares, with a par value of THB 0.50 each. It offered 138.95 million shares to the underwriter's benefactors, 25.05 million to the company's benefactors and 3 million to the company's employees, during May 29-30, 2019, at THB 2.5 each, for a total of THB 417.5 million. The IPO price was equivalent to price-to-earnings (P/E) ratio of 30.4 times, calculated by using the company's net profit in the past 12 months (April 1, 2018-March 31, 2019), divided by fully diluted shares, representing earnings per share of THB 0.08. Country Group Securities pcl is its financial advisor and lead underwriter.
MITSIB Chief Executive Officer Nitipat Yongsanguanchai said that to serve individual customers, we focus on risk control mechanism from leasing approval procedure, lease management, and collection. We also have a market survey team to analyze competitors and customer behavior as well as economic conditions, to maintain the company's competitiveness.
The fund raised would be used for business expansion, loan repayment and as working capital.
MITSIB's three major shareholders after IPO are The Yongsanguanchai family (38.00 percent), The Mungmee Family (6.75 percent), The Lievtrakul Family (4.17 percent). MITSIB's dividend policy is to pay no less than 40 percent of net profit from the company's 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 at www.sec.or.th; and for general information, please visit www.mitsibleasing.com and www.set.or.th.