Index Living Mall listed on SET with Bt11.1-bn capitalisation

The company has a market capitalisation of Bt11.11 billion (about US$358 million) at its initial public offering (IPO).
SET senior executive vice president Manpong Senanarong said that ILM would list and start trading in the services industry group of the Commerce sector.
ILM is engaged in retail home furnishing, home decoration, household items and electrical appliance businesses. It caters to catering customer demand across all sectors under four brands: Index Living Mall, Trend Design, MOMENTOUS and BoConcept.
Currently, the company manages 36 branches in 21 provinces with 25 distributors in major cities and secondary provinces. The company also operates a network of retailers overseas through 17 agents and franchises in seven countries. In addition, the company produces original equipment manufacturer (OEM) products for overseas customers, while offering commercial space for rent under the brands The Walk, Little Walk and Index Mall in nine branches in Bangkok and major cities.
ILM has a registered paid-up capital of Bt2 billion, consisting of 400 million existing common shares and 105 million newly issued shares, with a par value of Bt5 each. It has offered the entire newly issued shares to the general public via IPO at Bt22 each. Of the newly issued shares, 66.7 per cent were allocated to institutional investors, 23.4 per cent to persons under the underwriters’ discretion, 4.5 per cent to persons related to the company, 4 per cent to benefactors and 1.5 per cent to employees during July 17-19, for a total of Bt2.31 billion.
Bualuang Securities is its financial advisor and lead underwriter, while SCB Securities Co Ltd, Capital Nomura Securities and Asia Plus Securities Co Ltd are the joint underwriters. 
ILM managing director Kridchanok Patamasatayasonthi said the funds raised would be used to expand new branches of Index Living Mall and its small furniture stores, while developing new products for its customised furniture products under the Younique brand. The fund-raising would be used to invest in rooftop solar panels, improve factory efficiency and for other projects, as well as loan repayment to financial institutions and working capital.
After the IPO, ILM’s top three major shareholders of the paid0up capital are the Patamasatayasonthi family (73.3 per cent), the Udommahuntisuk family (5.7 per cent), and Nattinai Yuttapatsak (0.4 per cent). The IPO price was set by a book-building process, equivalent to a price-to-earnings ratio (P/E ratio) of 22 times, calculated by using the company’s net profit in the past 12 months divided by fully diluted shares of 505 million shares, representing earnings per share of Bt1.
The company’s dividend policy is to pay no less than 50 per cent of net profit after corporate income tax from the company’s consolidated financial statement and legal reserves. However, the dividend payout may differ from this policy subject to the company’s performance, financial liquidity and necessity of using working capital on operation management, future business expansion plans and due to the economic environment.