The Stock Exchange of Thailand (SET) will list Supreme Distribution pcl, a comprehensive information and communication technology solution provider, under the ticker symbol "SPREME" on May 2, 2024. The company has a market capitalization at its initial public offering (IPO) of THB 1.92 billion (USD approx. 51.91 million).
SET Senior Executive Vice President Manpong Sananarong said SPREME would be listed and start trading on SET in the Technology industry group, Information & Communication Technology sector.
SPREME has been providing information and communication technology services for over 30 years. The company offers designing, procuring, and installing services, and distributes equipment related to integrated information technology and network systems (System Integrator) covering hardware, software, network systems such as LAN, WAN, WLAN, Cyber Security systems, Data Center systems, etc. The company also provides maintenance, repair and rental services for computer systems and peripheral devices, focusing on government customers, especially education-related agencies. SPREME has expertise and is a major distributor of educational software from Microsoft. With good relationships with internationally renowned manufacturers, the company is able to supply high-quality products and receive knowledge transfers to constantly develop services that keep pace with modern technology, earning continuous trust from customers. As of December 31, 2023, the company had a backlog worth THB 442 million which will be gradually recognized as revenue from 2024 onwards.
SPREME has a paid-up capital of THB 370 million with a par value of THB 0.50 each. the company's 200 million IPO shares consisted of 20 million existing ordinary shares held by PSN Capital Limited (a company controlled by the Khantamoleekul family group) and 180 million newly issued ordinary shares. Of the total IPO shares, 160 million shares were allotted to persons at the underwriters' discretion and institutional investors, 30 million shares to the company's patrons, and 10 million shares to the company's directors, executives and employees during April 23-25, 2024 at a price of THB 2.60 per share, raising THB 468 million. Finnex Advisory Co., Ltd. is the financial advisor and Finansa Securities Co., Ltd. is the lead underwriter.
SPREME Chief Executive Officer Panuwat Khantamoleekul said the listing on SET would support the company's growth in accordance with the established strategies, both in terms of business and driving the country's educational technology, increasing competitiveness and creating long-term added value to become a leader in information technology in Thailand. The proceeds from the fundraising would be used to support bidding for large projects, acquire business, and as working capital.
SPREME's three largest shareholders after the IPO are 1) the Khantamoleekul family group (Persons and Juristic person) (67.57 percent), 2) the Panuwat and Suporn sibling group (6.15 percent), and 3) Suan Snidvongs Na Ayuthaya (0.61 percent). The IPO price has been determined based on market comparable approach by comparing SPREME to other similar listed companies, representing price to earnings ratio (P/E) of 12.29 times. The earnings per share is equal to THB 0.21 which was calculated from the company's net profit over the past four quarters (from January 1, 2023, to December 31, 2023), divided by fully diluted shares. SPREME's dividend policy is to pay no less than 40 percent of net profit from separate financial statements after corporate income tax and legal reserves.
For more information on SPREME, 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.supreme.co.th and www.set.or.th.