Thai skincare product maker Do Day Dream to raise up to $123m via IPO

Photo: Bazuki Muhammad/Reuters

Do Day Dream Plc, the manufacturer and distributor of Snail White skincare products, plans to mobilise up to 4 billion baht ($123 million) through its initial public offering (IPO).

It announced to sell no more than 76 million shares at the IPO price of 53 baht apiece, which is the highest public offering price this year. It has scheduled the first trading on December 26 under ticker symbol DDD.

“The company has plans for future growth in Thai and overseas markets, especially in Asia,” said chief executive officer Sarawut Pornpatanark. “The price also reflects the current stock market conditions and quality of institutional and retail investors who have expressed interest in Do Day Dream stocks.”

The CEO said it would use the IPO proceeds to expand production capacity and distribution channels as well as work on research and development to bring its products to the forefront of Asia.

It also plans to build a new factory next year to increase the production capacity from currently 1.9 million litres to 4 million litres. The new factory is expected to be completed in 2019.

Do Day Dream reported total revenue of 1.26 billion baht for the first nine months of this year, up 27.6 per cent from the same period last year. Of the total, nearly 64 per cent was generated from domestic market and the remaining 36 per cent from overseas.

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