Switchboard company Asefa sets IPO price
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ASEFA, a switchboard producer, has set its initial-public-offering price of 150 million shares at Bt3.70 on expectation of making a debut on the Stock Exchange of Thailand on August 5.
The IPO subscription period is scheduled for today, tomorrow and this Friday. Finansia Syrus Securities is acting as Asefa’s financial adviser and underwriter.
Somphop Keerasuntonpong, president for Finansia Syrus Securities, said the IPO price was attractive and reasonable. There are no concerns over the current stock-market situation, given Asefa’s solid fundamentals and growth potential, he said.
Asefa manufactures and provides electrical-power distribution systems, switchboards, automation, energy-efficient solutions, and after-sales and integrated engineering services.
Asefa will mobilise Bt555 million through its 150 million IPO shares, or about 27.27 per cent of paid-up common shares, at Bt3.70 apiece. Par value is Bt1 per share.
Of the 150 million IPO shares, 140 million will be offered to general investors and the remaining 10 million will be placed for the company’s employees and directors. After the IPO, the Ungkanakornkul family’s stake in Asefa will decline from 55.54 per cent to 40.39 per cent.
Phaiboon Ungkanakornkul, managing director of Asefa, said about Bt130 million of the proceeds would be used to finance an increase in its Rama II factory’s annual metal-production capacity from 4,800 tonnes to 8,400 tonnes. About Bt30 billion will be used to set up 10 more branches in the provinces, Bt280 million for repaying debts, and the rest for working capital.
This year, Asefa expects its income to rise by 20-25 per cent from last year’s Bt1.70 billion. About 60-70 per cent of total income is expected to come from sales of electric switchboards, trunking and lighting, 15-20 per cent from electrical appliances bought for resale, and 15 per cent from services.
