Thai companies including ASN Broker and Advance Finance have submitted their first filings to launch initial public offerings (IPOs) this year.
Thai insurance firm ASN Broker to tap into fintech after IPO
After raising funds through its maiden offering, Thailand’s non-life insurance firm ASN Broker is planning to utilise the proceeds to develop its database and online system to stay competitive in the digital era.
Through IPO, it will sell 30 million shares, equivalent to 23.1 per cent of its registered and paid-up capital, at a par value of 0.50 baht per share.
The company’s managing director Thawatchai Chewanont told the media last week that the Office of Securities and Exchange Commission (SEC) has already approved its first filing and it is expected to get listed on the Market for Alternative Investment before June.
“The non-life insurance has grown continuously. Therefore, we plan to increase the number of sales agents and develop the online platform to expand our customer base and become one of the leading non-life insurance firms in Thailand,” he told DEALSTREETASIA.
According to Commerce Ministry’s Department of Business Development, the value of e-commerce business in Thailand was worth around 200 billion baht last year and it is forecast to surge by 20 per cent to around 240 billion baht in 2016.
In 2015, ASN Broker reported total revenue of 161 million baht and the net profit of 25 million baht. The debt-to-equity ratio is 0.68 times.
Thai financial firm Advance Finance to list on SET
Advance Finance Pcl, Bangkok-based financial advisor and fund manager, plans to raise funds through an IPO by offering 350 million shares, accounting for 26 per cent of its registered capital, this year.
The par value is 1 baht per share and the book value is 1.21 baht each, according to the company’s filing.
As of April 5 this year, it has a registered capital of 1.35 billion baht, divided into 1,350 shares. The capital has been paid for 1 billion baht and will be fully paid up after IPO.
The company posted net profit of 31.32 million baht, 33.4 million baht and 95.06 million baht, respectively, during 2013-15. The profit margin was up from 23.64 per cent in 2013 to 34.64 per cent in 2015.
KT Zmico Securities is a lead underwriter and Advisory Plus is a financial advisor for this IPO.