Market for Alternative Investment (mai) will list Index International Group pcl, an engineering consultancy service provider, on December 22, under the ticker symbol "IND". The company has a market capitalization at its initial public offering (IPO) of THB 385 million (approx. USD 12.8 million).
mai President Prapan Charoenprawatt said that IND would list and start trading on mai in Property & Construction industry group.
IND provides a wide range of engineering consultancy services, covering project survey & feasibility study, conceptual and detailed design, construction supervision & project management, and customized design-build for both public and private sectors. Project credentials include consultancy work on the MRT blue line mass rapid transit project (Hua Lamphong - Bang Khae and Tao Poon - Tha Phra sections); project management of the Phuket International Airport development project; design and construction supervision of the Hydrant System Phase II at Suvarnabhumi Airport, and design and construction of fuel depots in Phichit and Lampang provinces. As of September 30, 2020, the company has a backlog of THB 530 million that can be realized as revenue over a period of 1-2 years.
IND has a registered paid-up capital of THB 175 million, consisting of 260 million existing common shares and 90 million newly issued shares, with a par value of THB 0.50 each. It offered the newly issued shares via IPO to general public: 81 million shares to persons under the underwriters' discretion and the company's patrons; and 9 million shares to the company's directors, executives, and/or employees during December 14 - 16 at THB 1.10 each, for a total of THB 99 million. The IPO price was equivalent to the price-to-earnings (P/E) ratio of 34.25. The earnings per share is equal to THB 0.03 each, which was calculated from the company's net profit of THB 11.24 million over the past four quarters (from October 1, 2019 to September 30, 2020) divided by fully diluted shares. Asset Pro Management Co., Ltd. is its financial advisor while Finansia Syrus Securities pcl is the lead underwriter.
IND Chief Executive Officer Chainarong Na Lamphun said that the company has been firmly established and operated for over 37 years, specializing in engineering consultancy services. The extensive experience and expertise in every aspect of engineering work, covering all processes of operation, have enabled us to gain recognition for high-quality services and trust from our large clients in both public and private sectors. The fundraising will be used to invest in more advanced computerized system, equipment and software to improve operational efficiency and service delivery, and as working capital.
IND's major shareholders after the IPO are Na Lamphun family group (48.73 percent), Thaworn Jidjong (1.78 percent), and Rattana Chaowatana (1.63 percent). The company's dividend policy is to pay no less than 40 percent of net profit after tax, and legal and other reserves (if any).
For more information on IND, please see the company's prospectus at the Securities and Exchange Commission (SEC)'s website at www.sec.or.th; and for general information, please visit www.index.co.th as well as www.set.or.th.