Bangkok--25 Jul--SET
The Stock Exchange of Thailand (SET) will list Index Living Mall pcl (ILM), an integrated retailer of home furnishings, on July 26, under the ticker symbol "ILM". The company has a market capitalization at its initial public offering (IPO) of THB 11.11 billion (approx. USD 358 million).
SET Senior Executive Vice President Manpong Senanarong said that ILM would list and start trading on SET in the Services industry group, Commerce sector.
ILM has engaged in retail home furnishing, home decoration, household item, and electrical appliance businesses, catering to customer demand across all sectors under four brands: Index Living Mall, Trend Design, Momentous, and BoConcept. Currently, the company manages 36 branches in 21 provinces with 25 distributors in major cities and secondary provinces. The company also operates a network of retailers overseas through 17 agents and franchises in seven countries. In addition, the company also produces original equipment manufacturer (OEM) products for overseas customers, while offering commercial space for rent under the brands The Walk, Little Walk and Index Mall altogether nine branches in Bangkok and major cities.
ILM has a registered paid-up capital of THB 2 billion, consisting of 400 million existing common shares and 105 million newly issued shares, with a par value of THB 5 each. It offered the entire newly issued shares to general public via IPO at THB 22 each. Of the newly issued shares, 66.7 percent allocated to institutional investors, 23.4 percent to persons under the underwriters' discretion, 4.5 percent to persons related to the company, 4 percent to benefactors, and 1.5 percent to employees, during July 17-19, 2019, for a total of THB 2.31 billion. Bualuang Securities pcl is its financial advisor and lead underwriter while SCB Securities Co.,Ltd., Capital Nomura Securities pcl and Asia Plus Securities Co., Ltd. are the joint underwriters.
ILM Managing Director Kridchanok Patamasatayasonthi said that the fund raised would be used to expand new branches of Index Living Mall and its small furniture stores, while developing new products for its customized furniture products of the Younique brand. The fundraising would be used to invest in the rooftop solar panels, improve factory efficiency and for other projects as well as loan repayment to financial institutions and working capital.
After the IPO, ILM's top three major shareholders are Patamasatayasonthi family (73.3 percent), Udommahuntisuk Family (5.7 percent), and Mr. Nattinai Yuttapatsak (0.4 percent), of the paid-up capital. The IPO price was set by a book building process, equivalent to price-to-earnings ratio (P/E ratio) of 22 times, calculated by using the company's net profit in the past 12 months (Q2/2018 - Q1/2019), divided by fully diluted shares of 505 million shares, representing earnings per share of THB 1.00.
The company's dividend policy is to pay no less than 50 percent of net profit after corporate income tax from the company's consolidated financial statement and legal reserves. However, the company's dividend payout may be different from this policy subject to the company's performance, financial liquidity and necessity of using working capital on operation management, future business expansion plan, and economic environment.
For more information on ILM, 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.indexlivingmall.com as well as www.set.or.th.