Market for Alternative Investment (mai) will list Bless Asset Group pcl, a developer of residential real estate for sale, on July 7, under the ticker symbol "BLESS". The company has a market capitalization at its initial public offering (IPO) of THB 1.12 billion (approx. USD 31.52 million).
mai President Prapan Charoenprawatt said that BLESS would list and start trading on mai in the Property & Construction industry group.
BLESS Group's main business is residential property development for sale, consisting of single detached houses, semi-detached houses, townhomes and low rise condominiums, in Bangkok and its vicinity under various projects: Blessington, Mellizo Park, Bless Town, Blessity Park, Bless Ville and Bleisure. The key target groups are first jobbers and small family groups. In addition, BLESS holds a 99.99% stake in two subsidiaries: Bless Asset Co., Ltd. - a property developer for sale and Bless Build Co., Ltd., - a building contractor.
As of March 31, 2022, the group had a total of 15 projects, comprising six projects worth totally THB 2.29 billion with completed sales; eight worth a combined THB 5.47 billion in the sales process, of which THB 367 million has undergone contract signing processes and the remaining units totaling THB 2.97 billion are available for sale; and a project worth THB 720 million is under construction and utility system development.
BLESS has a registered paid-up capital of THB 400 million, consisting of 600 million existing ordinary shares and 200 million newly issued shares, with a par value of THB 0.50 each. It offered 150 million newly issued shares to individuals at the underwriters' discretion, 30 million shares to patrons of the company and its subsidiaries, and 20 million shares to directors, executives and employees of the company and subsidiaries on June 29 - 30, and July 1, 2022 at THB 1.40 each, for a total of THB 280 million. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 15.61 times. The earnings per share is equal to THB 0.09, which was calculated from the company's net profit of THB 71.73 million in the past four quarters (from April 1, 2021 to March 31, 2022), divided by fully diluted shares. Trinity Securities Co., Ltd. is its financial advisor and lead underwriter.
BLESS Chief Executive Officer Chaiwat Kovitchindachai said that with more than 20 years of experience in real estate development business and an aim to be a leader in the industry, BLESS focuses on quality and construction standards with enhancement concept that a home should be more than a lodging to make every family happy all the time when residing in the projects. The proceeds from the fundraising will be used to invest in land purchase and develop real estate projects, repay loans, and as working capital.
BLESS's three major shareholders after the IPO are Kovitchindachai's group (40.19 percent), Sukjaroenkraisri's group (31.50 percent), and Phiranat Tantipoj (3.75 percent). The company's dividend policy is to pay no less than 40 percent of net profit from the company's separate financial statement after corporate income tax and all types of reserves as specified in the company's regulations and laws.
Investors and interested parties, please see details from the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th, and for general information, please visit www.bagroup.co.th as well as www.set.or.th.