Market for Alternative Investment (mai) will list Bluebik Group pcl, a consulting firm focusing on strategies and management related to innovation and technology, on September 16 under the ticker symbol "BBIK". The company has a market capitalization at its initial public offering (IPO) of THB 1.80 billion (approx. USD 55.02 million).
mai President Prapan Charoenprawatt said BBIK would list and start trading on mai in the Technology industry group.
BBIK and subsidiaries offer consulting services on digital strategy, innovation and technology management, and other related businesses. The company focuses on the application of digital technology to develop business and maximize benefits for organizations. Its services cover five categories: 1) Management Consulting, 2) Strategic Project Management Office, 3) Digital Excellence & Delivery 4) Big Data, Advanced Analytics and Artificial Intelligence 5) IT staff augmentation. BBIK' primary customers are financial companies, non-life & life insurance companies, and IT and communications companies. Notably, on May 11, 2021, BBIK jointly with a subsidiary of PTT Oil and Retail Business pcl (OR) established ORBIT Digital Co., Ltd. to offer consulting, design, development, and maintenance services for the systems and applications of OR group, and to utilize information resources to expand business opportunities.
BBIK has a registered paid-up capital of THB 50 million with a par value of THB 0.50 each, consisting of 75 million existing common shares and 25 million newly issued shares. It offered 12.5 million newly issued shares to persons at the underwriters' discretion, 6.25 million shares to institutional investors, 3.75 million shares to its patrons, and 2.5 million shares to its employees and subsidiaries, during September 8-10, 2021, at THB 18 each, for a total of THB 450 million. The IPO price, based on a book building process, was equivalent to the price-to-earnings ratio (P/E ratio) of 37.49 times. The earnings per share is equal to THB 0.48, which was calculated from the company's aggregate net profit of THB 48.02 million in the past four quarters (from the third quarter of 2020 to the second quarter of 2021), divided by fully diluted shares. Yuanta Securities (Thailand) Co., Ltd. is its financial advisor. Kasikorn Securities pcl and Yuanta Securities (Thailand) are the underwriters.
BBIK Chief Executive Officer Pochara Arayakarnkul said that the company is equipped with a team of highly qualified personnel possessing experience, knowledge and expertise in both business and IT aspects. They specialize in providing customers to get business functions ready for the digital era and enhance potential to be competitive in the industry in order to ensure sustainable growth. The fundraising will be invested in human resource management, particularly recruitment and IT upskilling for the Group's business expansion, the development of technology and digital products, the development and enhancement of software for internal use, the office space expansion, and other relevant businesses; as working capital.
BBIK's three major shareholders after the IPO are the Arayakarnkul Family (27.25 percent), Bluebik Group Holding Co., Ltd. (25 percent), and the Jiemskultip Family (15.27 percent). Bluebik Group's dividend policy is to pay no less than 50 percent of net profit from its separate financial statement after tax and legal reserves.
For more information on BBIK, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th; and for general information, please visit www.bluebik.com as well as www.set.or.th.