TOA seeks official approval for IPO, SET listing
TOA, a leading Thai paint and coating producer and distributor, has applied to the Securities and Exchange Commission for permission to launch an initial public offering (IPO) with a view to listing on the Stock Exchange of Thailand (SET), chief executive officer Jatuphat Tangkaravakoon said at a press conference on Monday.
TOA plans to use the funds raised from the IPO to expand its business in Thailand and overseas, including developing and improving operational efficiencies, and for working capital, he said.
“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 explained.
Pichet Sithi-Amnuai, president of Bualuang Securities, which is co-financial adviser for the IPO, said the Securities and Exchange Commission had now started the countdown as Day 1 following the application and filing submitted by TOA for an IPO of its ordinary shares.
TOA’s registered capital stands at Bt2.029 billion, comprising 2.029 billion shares with a par value of Bt1 apiece, 1.775 billion of which have been issued and paid for.
The company is seeking to offer up to 507.6 million shares, comprising up to 254 million primary shares, as well as up to 253.6 million secondary shares that are currently held by Wybrant Holding Limited.
The to-be-offered shares would represent up to 25.02 per cent of the number of TOA’s post-IPO issued and paid shares, Pichet said.
Subject to SEC approval of the IPO application and filing, as well as market and other conditions, IPO dates will be set and TOA will likely list on the SET by the end of the year, he added.
TOA had a roughly 48.7-per-cent share of the Thai paint and coating market last year, and about 13 per cent of the Asean market, according to Frost & Sullivan.
