The IPO shares, with par value of Bt1 per share, will debut on the Stock Exchange of Thailand in December.
Besides the expansion project, the IPO proceeds will be used to partially repay debt and increase revolving capital, Tan Passakornnatee, chairman and CEO, said yesterday.
The company has registered capital of Bt1.3 billion but its paid-up capital is Bt1 billion, he said.
Ichitan Group will continue to emphasise unity among the company, its staff, business partners and investors as well as to contribute to society, he said.
Kongkiat Opaswongkarn, CEO of Asia Plus Securities Plc, the IPO’s financial adviser, said the Securities and Exchange Commission has reviewed the IPO filing from the beginning.
“ICHI” stock has strong potential and should be well-received by investors, as the business is not complicated and management has know-how and business experience, as manifested by the company’s continuing sharp growth, he said.
Tan said over 90 per cent of management and staff own shares in Ichitan, which drives them to contribute fully towards its success. This has become Ichitan’s corporate culture.
Since the establishment of Ichitan Group, the company has received warm support from suppliers and customers, which helped Ichitan grow rapidly despite the massive floods two years ago that damaged its plant.
Now, Ichitan is ready to mobilise funds in the equity market. This is a vital stage to support Ichitan in its effort to become a listed Thai company striving to grow in a sustainable manner while continuing to contribute towards the well-being of society.
Following the IPO, Ichitan will strive to work in the best interest of shareholders and achieve its business objectives via competent management and efficient advanced production technology.
The company reported that in the first half, revenue surged 145 per cent to Bt3.75 billion and net profit soared 638 per cent to Bt541 million. It led the market with a share of 44 per cent.
The overall market for tea-based beverages this year is projected to surge by 25 per cent from last year’s Bt13 billion, Tan added.