Bangkok--Jan 10--PR&Associates
Yarnapund PLC (YNP)’s IPO has been fueling excitement, with both retail and institutional investors lining up for shares in the company before it closed its subscription book on 28 December, 2004. The first day of trading of YNP shares, scheduled for 13 January 2005, is expected to be robust, boosting overall volumes at the Stock Exchange of Thailand.
Local and foreign institutions bid for as many as 83 million shares, or more than 5 times the initial share offering. Yarnapund PLC settled for the final price of 13.40 baht per share to attract more public attention, and reserved 21 million shares for retail investors.
Mr. Pongskorn Tiekthum, managing director of Investment Banking and Capital Markets at Syrus Securities PLC, Yarnapund’s financial advisor, said, “many investors are interested in Yarnapund shares because it is one of the top auto parts manufacturers in Thailand. The company has a great potential for the future due to its combination of strong joint-venture partners and a solid client base that includes Toyota and GM/Isuzu.”
IPO shares were sold out during the first 2 days of the 24-28 December 2004 subscription period. The IPO is underwritten by 11 Thai securities underwriters and led by Syrus Securities PLC and Sicco Securities PLC.
"The IPO price of 13.40 baht per share corresponds with a price per earning (P/E) ratio of 9.8 and a book value (BV) of 8.70 baht per share with 5 baht par. Yarnapund is involved in an appealing industry, as the Thai government has been promoting Thailand as the "Detroit of Asia"--an auto production hub for the entire Asia-Pacific region,” commented by Mr. Samphan Phanpanit, Managing Director of Yarnapund PLC.
Yarnapund has been a leading auto parts manufacturer in Thailand for more than 50 years. Its main products include exhaust pipes, ABC pedals, and pressed parts. Business lines also cover a wide range of production services, including designing, manufacturing auto parts for export, supplying directly to car manufacturers as OEM, and selling parts as REM in the replacement market. Yarnapund PLC is the largest exhaust pipe manufacturer in Thailand, supplying the world’s leading car makers, such as Toyota, GM-Isuzu and Honda.
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Saofang Ekaluckrujee/ Wanpen Lolertpiphop
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