FPI's share price up 157.14% on first trading day
Fortune Parts Industry Plc (FPI), an integrated producer of plastic auto parts, staged a successful debut on the Market for Alternative Investment, closing 157.14 per cent from its initial public offering (IPO) price.
The share price closed at Bt9, against IPO price of Bt3.50.
FPI is the first company selected for listing under the joint stock-searching programme of the Stock Exchange of Thailand and the Securities and Exchange Commission.
Operating under the replacement equipment manufacturing (REM) and original equipment equipment (OEM), the company supplies parts mainly to 1-tonne pickup factories, mostly overseas.
FPI's 45,000 product items are now exported to 110 countries.
Capitalised at Bt295 million, it sold 3 million shares in the IPO, fetching Bt220.5 million. The proceeds will finance the factory and warehouse, new machinery and refinancing. Finansia Syrus Securities is the underwriter.
