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.