Sahathai Terminal, a local operator of barge terminal and coastal shipping service, is to mobilise funds through a sale of 120 million shares in an initial public offering (IPO).
It has submitted the filing to the Office of Securities and Exchange Commission on Monday to launch an IPO. The company plans to get listed on the Market for Alternative Investment (MAI).
Sahathai Terminal is a subsidiary of Sahathai Steel Pipe, one of Thailand’s largest steel pipe exporters.
Its services include international and domestic coastal terminal service, container shipment through barges and trucks, warehouses and other value-added services such as an on-site customs house to serve clients for customs clearance.
The filing said that it plans to expand its container depot and yard to increase its capacity and to operate more efficiently. Currently, it spans 168,000 square meters and consist of a container maintenance and repair facility, on-site customs clearance and the full complement of marine terminal equipment and personnel.
In 2015, Sahathai Terminal expanded its business by partnering with Mitsui O.S.K. Lines (MOL), Japan’s largest ocean liner, and jointly established Bangkok Barge Terminal (BBT) for container transportation via barges. The service aims to serve the growing demand for container demand between Bangkok and Laem Chabang Port, one of the two main deep-sea ports in Thailand.
The company has the registered capital of 230 million baht, divided into 460 million shares with a par value of 0.50 baht apiece.
It reported total revenue of 1.08 billion baht in 2016, up from 840 million baht in 2015. The net profit surged three times from 2015 to 73.62 million baht last year.
Maybank Kim-Eng Securities (Thailand) is a financial advisor and lead underwriter, the filing said.