Thailand: Industrial supplier Siameast Solution to divest 25% stake via IPO

Image from Siameast Solution's website.

Thai industrial equipment supplier Siameast Solution Pcl plans to issue 60 million shares, equivalent to 25 per cent of its registered and paid up capital, in an initial public offering (IPO), according to its first filing to the Office of Securities and Exchange Commission yesterday.

Siameast Solution is a pumping equipment supplier for industrial sector and service solution provider with the registered capital of 120 million baht. The paid-up capital accounts for 90 million baht, divided into 180 million shares with the par value of 0.50 baht each.

Orasa Wimolchalao’s family holds the majority stake of 81.72 per cent, which will be diluted to 61.29 per cent after the IPO.

The company’s total reported revenue is 410.82 million baht in 2015, down from 475.24 million in 2014. However, the net profit was posted at 31.06 million baht last year, up from 27.07 million baht year on year, and the profit margin increased from 5.64 per cent to 7.37 per cent during the same period.

The company was founded in 1993 and it currently has more than 3,500 product items under 40 multinational brands to serve the industrial customers, according to a company statement.

The IPO proceeds will be used to increase its financial liquidity. Also, it plans to build an engineering service centre in Rayong to support its coating service and pumping repairing service. The construction is expected to start in May and complete in the end of this year.

It plans to be traded on the Market for Alternative Investment. RHB Securities (Thailand) is a financial advisor.

Also read:

Thai insurance firm ASN Broker, Advance Finance file for IPO

Thai renewable energy firm BCPG files for IPO to mop up over $85m

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.