Bangkok--Aug 29--Siam PR. Consultant
STAR latest stock under construction material sector set for IPO during August 31 - September 2 with share price determined for general investors at 3.5 baht apiece Stock to begin trading on MAI on September 15
Star Sanitaryware Public Company Limited, manufacturer and distributor of sanitary ware products under the brand name of "Star" with over 15 years of experience and expertise is all set for the initial public offering (IPO) of its 36 million shares during August 31 - September 2 this year. General investors will be offered 32.5 million shares while the remaining 3.5 million shares are allocated to company's board members and employees. The shares will be sold to general investors at 3.50 baht apiece. Employees and board members will be allowed to buy shares at 2.60 baht apiece. Syrus Securities Public Company Limited is appointed as lead underwriter of the IPO.
Dr. Somchai Wongaroon, President of Star Sanitaryware Public Company Limited, disclosed that his company, which was also known as STAR operated as manufacturer and distributor of quality sanitary ware and bathroom products under the brand name of STAR for both domestic and international markets, including being Original Equipment Manufacturer (OEM) for other brands. "The company has appointed Syrus Securities Public Company Limited as financial advisor and lead underwriter for the company' s IPO who along with 8 other securities firms namely Kiatnakin Securities Co., Ltd., Ayudhya Securities PLC, SEAMICO Securities PLC, Tisco Securities Co., Ltd., Siam City Securities Co.,Ltd., Capital Nomura Securities PLC, Finanza Securities Co., Ltd and Philip Securities PLC.
The company is focusing on maintain its international standard of production, which is why quality development has become a significant factor. Products manufactured by the company have been certified by various quality standards such as the industrial standard endorsement, ANSI and IAPMO from the United States, BSI from England, CSA from Canada and JIS from Japan. Star Sanitaryware PLC remains upbeat on providing products that suit the various needs of customers. The company is fast and accurate with product delivery, while developing the brand STAR domestically and internationally to expand network of customers through harmonious relationship with dealers, effective advertising and public relations implementation and outstanding promotional strategy. At present, the company's domestic and global networks of dealers include 328 dealers and 23 dealers respectively in over 20 countries around the world.
"In attempt to effectively cater to the rising demand of customers, STAR plans to increase production output for its sanitary ware products by 3,000 tons per annum, making the total annual output of 12,230 tons. Required investment for higher production capacity is around 60 million baht. The production output will be raised in 2006," he said.
During the IPO, 36 million shares will be offered in total, which are 26.47% of the company's total shares after IPO. General investors will be offered 32.5 million shares at 3.5 baht apiece. Company's employees and board members will be offered 3.5 million shares at only 2.60 baht apiece during the IPO scheduled during August 31 - September 2 this year. STAR is expected to list its stock on the Market for Alternative Investment (MAI) on September 15. Proceeds worth 122.8 million baht from the IPO will be used as payment to loans, payment to furnace and machinery and working capital.
Somphop Keerasuntonpong, President of Syrus Securities Public Company Limited, said as financial advisor and lead underwriter of STAR IPO stock, the determined price of 3.5 baht per share was market comparable taking into consideration the average P/E ratio of stocks listed under construction materials sector and basic factor in operation and company's competitiveness especially in the aspect of export where the company enjoyed 75% of the total sales. "We believe STAR will be well embraced by investors," he concluded.
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