Market for Alternative Investment (mai) will list T.R.V. Rubber Products pcl (TRV), a producer of automotive & electrical appliance molded rubber parts, on December 2, under the ticker symbol "TRV". The company has a market capitalization at its initial public offering (IPO) of THB 483 million (approx. USD 14.31 million).
mai President Prapan Charoenprawatt said that TRV would list and start trading on mai in the Industrials industry group.
TRV manufactures and distributes molded rubber parts for industrial use for three customer groups, consisting of 1) automotive parts manufacturers, 2) electrical appliances manufacturers, and 3) others such as parts for farming machine tools & water pipe seals, etc. , with revenue ratio of 44:55:1 respectively in 2020. The distribution channel is mostly directly to the manufacturers, starting from co-designing and then manufacturing customized products. The company has achieved the ISO 9001:2015 certification on quality management system, IATF 16949:2016 certification on quality management system of automotive industry, and ISO 14001:2015 certification on environmental management system.
TRV has a registered paid-up capital of THB 105 million, consisting of 155.435 million existing common shares and 54.565 million newly issued shares, with a par value of THB 0.50 each. It offered not more than 52.930 million newly issued shares to the general public; not more than 0.300 million shares to the company's patrons; and up to 1.335 million shares to the company's directors, executives, and employees during November 24 - 26, 2021 at THB 2.30 each, for a total of THB 125.50 million. The IPO price was equivalent to the price-to-earnings ratio (P/E ratio) of 17.69 times. Earnings per share is equal to THB 0.13 each, which was calculated from the company's net profit of THB 27.90 million in the past four quarters (October 1, 2020 - September 30, 2021), divided by fully diluted shares. Pioneer Advisory Co., Ltd. is its financial advisor, while Kingsford Securities pcl is lead underwriter.
TRV Chief Executive Officer Theerawut Nawamongkhonchaikit said that for over 20 years, TRV has been focusing on developing production quality and services for customer satisfaction. We have continuously enhanced and integrated the production process with an aim to minimize waste and maximize efficiency in cost management. The fundraising will be used to invest in the purchase of machinery, repay loans to financial institutions, and as working capital.
TRV's two major shareholders after the IPO are Nawamongkhonchaikit family (62.29 percent), and Private Equity Trust for SME Growing Together 2 (11.73 percent). The company's dividend policy is to pay no less than 40 percent of net profit after corporate tax and all types of reserves as specified by laws and the company's regulations.
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.trvrubber.co.th, as well as www.set.or.th.