Bangkok--Dec 16--PR & Associates
Following the official notification of counting day one for IPO application by the Securities and Exchange Commission (SEC) on 3rd December, Yarnapund PLC received a warm welcome and plenty of attention from local and foreign institutional investors during its roadshow, which concluded yesterday. The company presentations, held on 9 and 13 December in Bangkok, particularly caught the eye of local and foreign institutional investors due to the fact that Yarnapund is a first-tier supply manufacturer for Toyota and GM/Isuzu, being the leader of exhaust pipe and accelerator/brake/clutch (ABC) pedals manufacture, and a solely supplier to Toyota and GM/Isuzu for a long period of time.
Managing Director of Investment Banking and Capital Markets at Syrus Securities PLC, Mr. Pongsakorn Thiengtham, who serves as the financial advisor for Yarnapund’s IPO, informed investors that Yarnapund will undertake its bookbuilding with institutional investors on 20 December in the price range of 13-14 baht per share and allow for public subscription during 24-28 December, leading up to the IPO in the new year. Total share offering to the public is 37 million shares. 16 million shares is allocating to local and international institutional investors, and the remaining will allocate to retail investors and patronages.
The initial stock issue will be 40 million shares at 5 baht par (a reduction from the previously announced 68 million shares due to budgetary alterations). Of the total, 37 million shares will be offered to the public and institutions, while 3 million shares will be allocated to employees at the same book-built price. As the result of change in budget, Yarnapund has refined the uses of fund to fit with the new budget. The company has informed to SEC regarding the new size of the issuance as well.
Mr. Samphan Phanpanit, Managing Director of Yarnapund PLC, remarked that “it will be an honorable distinction to be the first auto stock to trade on the SET mainboard in 2005. The industry is growing, as is interest among investors hungry to expand their portfolios. In addition, Yarnapund is the leader of exhaust pipe and accelerator/brake/clutch (ABC) manufacture pedals which can be found in every Toyota and GM/Isuzu cars. The company is convincing that the offering will create excitement in SET trading during January 2005 as the proposed month of Yarnapund’s 1st day trading.” Capital raised from the issuance will utilized to repay short-term debts and strengthen financial health of the company.
Yarnapund has been a leader in auto parts manufacturer in Thailand for more than 50 years. The main products include exhaust pipes, ABC pedals, and pressed parts. Business lines covers a wide range of production including designing, manufacturing autoparts for export, supplying directly to car manufacturers as OEM and selling in replacement market as REM. Yarnapund PLC is the largest exhaust pipe manufacturer in Thailand, supplying the world’s leading car makers, such as Toyota, GM-Isuzu and Honda.
Yarnapund PLC is owned by the Phanpanit Group and several financial institutions, including the Government Pension Fund; Thai Automotive Venture Capital Fund; AJF Asset Management Co., Ltd.; SCB Asset Management Co., Ltd.; and ING (Thailand) Asset Management Co., Ltd.
For more information, please contact
Saofang Ekaluckrujee
Tel: 02-6518989 Ext. 334
E-mail: [email protected] End.