Sanko Diecasting makes successful debut on MAI
Sanko Diecasting (Thailand) experienced a successful debut on the Market for Alternative Investment yesterday, with its share price gaining Bt1.50 from the initial public offering price.
The fifth stock this year to start trading on the MAI, the company saw its share price close at Bt2.80, up Bt1.50 from its IPO price of Bt1.30.
Sanko is a comprehensive manufacturer of aluminium and zinc components for the automotive and electronics industries using high-pressure die-casting.
Its major products include parts for alternators, starters, clutches and automatic transmissions. Sanko has also extended its customer base to the electrical-appliance and agricultural-machinery industries, including parts for closed-circuit TV and video cameras, lawnmowers and tractors.
The company sold 44 million shares in during the initial public offering of April 29-30 and May 2 at Bt1.30 apiece, raising a total of Bt57.2 million. Capital Nomura Securities is its financial adviser and underwriter.
“Fund-raising proceeds will be used to expand our manufacturing facilities and purchase machinery to serve our diversified customers’ needs better. Sanko will grow along with the Thai automotive industry,” said Rattawat Suksaichol, deputy chief executive officer. Sanko’s three major shareholders after the IPO are the Pinthong Group with 40.28 per cent, V-Net Capital Group with 22.36 per cent and Masami Katsumoto Group with 17.00 per cent.
At Bt1.30, its price-to-earnings ratio is at 14.83 times.
