The Stock Exchange of Thailand (SET) will list Micro Leasing PLC, a hire purchase financing service provider focusing on second-hand trucks for commercial operation, on October 1, under the ticker symbol ?MICRO?. The company has a market capitalization at its initial public offering (IPO) of THB 2.48 billion (approx. USD 78.4 million).
SET Senior Executive Vice President Manpong Senanarong said that MICRO would list and start trading on SET in the Financials industry group, Finance & Securities sector. MICRO provides hire purchase financing services of second-hand trucks for commercial operation as well as other loan services with second-hand trucks as collaterals. With over 25 years of experience and expertise, the company currently operates 12 branches covering all regions with headquarters located in Nakhon Pathom province. With a network of over 450 second-hand truck dealers and brokers on hands, the company has competitive capabilities with penetration into target customers nationwide.
MICRO has a registered paid-up capital of THB 935 million, consisting of 700 million existing common shares and 235 million newly issued shares, with a par value of THB 1 each. It offered the entire newly issued shares, of which 199.70 million shares were allocated to persons under the underwriters? discretion, institutional investors and the company?s patrons; and 35.30 million shares to the company's directors, executives and employees via IPO at THB 2.65 each, for a total capital raising of THB 622.75 million, during September 21 - 23, 2020. Asia Plus Advisory Co., Ltd. is its financial advisor and Asia Plus Securities Co., Ltd. is its lead underwriter.
MICRO Managing Director Winit Piyamaythang said listing on SET will help enhance the company?s competitiveness and broaden its business expansion opportunity as well as strengthening its capital base. The company aims to maintain the growth rate of its lending portfolio while continuously open more branches. The fundraising will be allocated for hire purchase business expansion, loan repayment, and investment in IT system for mobile lending application development, which will speed up credit approval notification process.
MICRO's three major shareholders after IPO are 1) Thammasak Auchyawat and family (58.30 percent), 2) Toemkunanon family (4.70 percent) and 3) Jirothanapas family (4.50 percent). The company's dividend policy is to pay no less than 40 percent of net profit after legal reserves which is subject to the company?s financial status, performance, future investment and expansion plans, and others as appropriate.
For more information on MICRO, 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.microleasingplc.com as well as www.set.or.th.