Thailand: TOA to sell up to 25% stake via IPO this year

Local paint and coating manufacturer TOA Paint (Thailand) Plc has applied to the Securities and Exchange Commission to offer up to 507.6 million shares, equivalent to 25.02 per cent of its registered capital, in its initial public offering (IPO).

TOA’s registered capital stands at 2 billion baht, comprising 2 billion shares with a par value of one baht each. Of this, it will sell 254 million primary shares and up to 253.6 million secondary shares that are currently held by Wybrant Holding Limited.

The IPO proceeds will be used to expand TOA’s business domestically and internationally, and to meet working capital requirements, the company’s chief executive Jatuphat Tangkaravakoon told the media.

“We have a vision to be a leader in the paint and coating market in Asean, which will be achieved by offering market-leading products and services. We also believe that we will benefit from the Asean Economic Community, which is expected to have high market growth,” he said.

It has appointed Kasikorn Securities and Bualuang Securities as its financial advisers for the IPO.

Pichet Sithi-Amnuai, president of Bualuang Securities, said that TOA is likely to launch the IPO and list on the Stock Exchange of Thailand by the end of this year.

Currently, the firm has eight production plants in six countries, of which three are in Thailand. To cope with the demand in the region, it is constructing another three in Indonesia, Cambodia and Myanmar.

Also read:

Thailand’s TOA considering IPO for paint, chemicals unit

Taiwan’s SheenHo restaurant chain, Thai TOA Paint to invest in Myanmar

Thai tycoon turns billionaire on boost from surging paint values

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. 
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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.