Market for Alternative Investment (mai) will list Warrix Sport pcl, a sports apparel and equipment distributor, and physical therapy clinic operator, on December 21, under the ticker symbol "WARRIX". The company has a market capitalization at its initial public offering (IPO) of THB 3.78 billion (approx. USD 107.97 million).
mai President Prapan Charoenprawatt said that WARRIX will be listed and start trading on mai in the Consumer Products industry group.
WARRIX distributes sportswear and sports equipment under the brand "WARRIX". The company has been granted the rights to manufacture clothing for the Thai national football team since 2017 until now. The company's clothing products are divided into 2 groups: licensed products consisting of those related to national team sports and football club products, and non-licensed products consisting of product collections, classic and made-to-order products.
In 2021, the company's revenue ratio of non-licensed to licensed products was 78:22. The company's distribution channels are the company's own stores, department stores, projects, online channels, and sponsor contracts. The company purchases clothing products from several domestic manufacturers with quality control and potential to deliver products to the company continuously. In addition, WARRIX started to expand health services in Bangkok by opening a physical therapy clinic at Stadium One area (near National Stadium in downtown Bangkok) in 2020 and inaugurated a Sports Science Center at the Queen Sirikit National Convention Center in Bangkok om October 2022.
WARRIX has a paid-up capital of THB 300 million, consisting of 420 million existing ordinary shares and 180 million newly issued shares, with a par value of THB 0.50 each. It offered 135 million newly issued shares to individuals and institutional investors at the underwriters' discretion, 27 million shares to the company's patrons, and 18 million shares to the company's directors, executives and employees, during December 6 - 8, 2022 at THB 6.30 each, for a total of THB 1.13 billion. The IPO price was determined based on book building (a survey of institutional investors' demand for securities). Phillip Securities (Thailand) pcl is financial advisor, while the brokerage company and DBS Vickers Securities (Thailand) Co., Ltd. are co-lead underwriters.
WARRIX Chief Executive Officer Wisan Wanasaksrisakul said that the company has started from sportwear business and expanded to a lifestyle brand with target group covering
people of all genders and ages with emphasis on sports, health and lifestyle. The company is aimed to continuously build Thai brands towards international brands. The capital raised will be used to invest in the construction of the Sports Science Center project and the office located on Rama 9 road in Bangkok, and as working capital.
WARRIX's major shareholders after the IPO is Wisan's group (64.32 percent).
The company's dividend policy is to pay no less than 40 percent of net profit after corporate income tax and all types of reserves as specified by law and the company's regulations.
For more information on WARRIX, 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.warrix.co.th as well as www.set.or.th.