Prodigy Co, a manufacturer of plastic bottles and a subsidiary of Thai Vegetable Oil, has submitted to the Securities and Exchange Commission its intention to sell up to 70 million shares in an initial public offering to back production-capacity expansion
According to the company filing, Prodigy will list on the Market for Alternative Investment by floating 70 million IPO shares at the par value of Bt0.50 each. Prodigy has appointed MayBank Kim Eng Securities (Thailand) as the financial adviser.
The proceeds from the IPO will support an increase in the company’s production capacity for PET (polyethylene terephthalate) bottles, a preform production project, bottle-sealing machinery and working capital.
Prodigy is one of the leading manufacturers of PET bottles, operating 33 production lines with total capacity of 50 million bottles per month. Its bottle-sealing capacity is 6 million per month and the labelling and packaging line has a monthly capacity of 3.6 million bottles.
For the first six months, the company recorded sales revenue of Bt361.50 million and net profit of Bt34.68 million. Total assets at present are Bt594.09 million and debt is Bt334.58 million.
As at the end of September, the company had paid-up registered capital of Bt100 million. After the IPO, paid-up registered capital will be Bt135 million.
TVO is the major shareholder in Prodigy, holding 86 million shares or 43 per cent. However, after the IPO, TVO’s stake will be diluted to 31.85 per cent. Thai Edible Oil, the producer of rice bran oil under the King brand and the second major shareholder in Prodigy, will dilute its shareholding to 11.11 per cent from 15 per cent.