Market for Alternative Investment (mai) will list International Network System pcl, a system integrator of end-to-end design and installation of network & communication systems, on October 25, under the ticker symbol "ITNS". The company has a market capitalization at its initial public offering (IPO) of THB 855.80 million (approx. USD 22.46 million), as well as 10 million over-allotment shares.
mai President Prapan Charoenprawatt said that ITNS would list and start trading on mai in the Technology industry group.
ITNS designs and installs network & communication systems (system integrator), distributes information and communication technology equipment, and provides equipment repair and maintenance services, as well as equipment rental. ITNS has been appointed by CISCO as a Gold Certificated Partner, which is fully supported in terms of trade discounts, access to new products, and technical support. Moreover, ITNS has partnered with numerous leading product owners and its customers are both public and private sectors practically in similar ratio. In the first six months of 2022, the ratio of the company's revenue from equipment sales and installation services : equipment repair and maintenance services : equipment rental accounted for 73:25:2 percent with unrecognized project value of THB 523 million.
ITNS has a registered paid-up capital of THB 220 million, consisting of 150 million existing ordinary shares and 70 million newly issued shares, plus another 10 million over-allotment shares, making a total of 80 million shares, with a par value of THB 1.00 each. It offered 11.30 million shares to the company's patrons, 8.69 million shares to the company's directors, executives and employees, and 60.01 million shares to the persons at the underwriters' discretion, during October 12 and 17-18, 2022 at THB 3.89 each, for a total of THB 272.30 million. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of approximately 19.70 times. The earnings per share is equal to THB 0.1975, which was calculated from the company's net profit of THB 43.44 million in the past 12 months (from July 1, 2021 to June 30, 2022), divided by fully diluted shares. Daol Securities (Thailand) pcl is its financial advisor and lead underwriter.
ITNS Chief Executive Officer Somchai Oumkratum said that the company has operated the business with over 20 years of experience, engaged in partnership with leading IT multi-national companies, and equipped with advanced technology and experienced teams to meet end-to-end customer needs and well adapt to the change in technology. The proceeds from the fund raising will be used to invest in companies that operate relevant businesses, expand equipment rental business, and as working capital
ITNS's major shareholders after the IPO are the Oumkratum family (57.95 percent including 4.54 percent reserved for the over-allotment shares), Saran Supaksaran (4.32 percent) and Nattaya Nanthawanid (2.73 percent). The company's dividend policy is to pay no less than 40 percent of net profit from the company's separate annual financial statement after corporate income tax, and legal and other reserves.
For more information on ITNS, 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.itns.co.th as well as www.set.or.th.