The Stock Exchange of Thailand (SET) will list Ngern Tid Lor pcl, a leading car title loan provider, on May 10, under the ticker symbol "TIDLOR". The company has a market capitalization at its initial public offering (IPO) of THB 84.64 billion (approx.USD 2.70 billion).
SET Senior Executive Vice President Manpong Senanarong said that TIDLOR would list and start trading on SET in the Financials industry group, Finance & Securities sector.
TIDLOR, an affiliate of Bank of Ayudhya pcl (BAY), provides personal loan service under the Bank of Thailand's supervision focusing on vehicle title loans under "Ngern Tid Lor" brand which has gained consumer trust for over 40 years. In addition, TIDLOR engages in non-life insurance brokerage business with substantial growth and it has become one of the top three non-life insurance broker by retail clients, thanks to a wide range of vehicle title loan products, using omni-channel and service delivery. As at December 2020, the company had a network of 1,076 branches in 74 provinces in response to customers' access to source of occupational and cash flow funding.
TIDLOR has a registered paid-up capital of THB 8.58 billion. It offered 1.04 billion shares with a par value of THB 3.70 each to the general public, consisting of 210.82 million newly issued shares, 284.14 million existing common shares held by BAY, another 412.47 million existing common shares owned by Siam Asia Credit Access Pte. Ltd. (SACA), and an over-allotment option of 136.11 million shares at THB 36.50 each, for a total issued size of THB 7.69 billion.
TIDLOR's IPO shares were allocated to general public during April 22 - 26 and institutional investors during April 28 - 30, 2021. If including an over-allotment option, the IPO offering size amounted to THB 38.09 billion. Kiatnakin Phatra Securities pcl is its financial advisor and lead underwriter, while Kasikorn Securities pcl and SCB Securities Co., Ltd. are co-lead underwriters.
TIDLOR Managing director Piyasak Ukritnukun said listing on SET will help strengthen TIDLOR's financial position and potential for a continuous and sustainable growth in the future. The fund raised will be used to expand the car title loans and non-life insurance broker businesses, develop ICT infrastructure and digital transformation, restructure capital, debt repayment, and as working capital. TIDLOR will maintain competitive edge as leader in car title loan product business and step up to be a leading non-life insurance brokerage service provider for retail customers, aiming to generate long-term returns to TIDLOR's shareholders and stakeholders at all levels. TIDLOR is committed to enhancing and uplifting people's quality of life with, equal and transparent access to financial services.
TIDLOR's three major shareholders after the IPO are 1) BAY (30.0 percent), 2) SACA (25.0 percent), and 3) BS Securities Pte. Ltd.(8.11 percent).The IPO price was set by a book building process among institutional investors, equivalent to price-to-earnings ratio (P/E ratio) of 35.03 times. The earnings per share is equal to THB 1.04 each, which was calculated from the company's net profit over the past 12 months (from January 1 - December 31, 2020), divided by fully diluted shares.TIDLOR's dividend policy is to pay no less than 20 percent of net profit based on the company's separate financial statements after corporate income tax, and legal and other reserves as specified.
For more information on TIDLOR, 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.ngerntidlor.com as well as www.set.or.th.