LiVE Exchange (LiVEx) will list Storage Asia pcl, a self-storage service provider, on December 22, under the ticker symbol "ISTORE22". The company has a market capitalization at its initial public offering (IPO) of THB 358.4 million (approx. USD 10.29 million).
LiVEx President Prapan Charoenprawatt said that ISTORE22 will be listed and start trading on LiVEx.
The company is one of companies that have been well prepared via the procedure on LiVE Platform designed to provide knowledge, boost potential and create readiness for entrepreneurs towards listing. ISTORE22 and subsidiaries rent storage rooms and self-storage facility for customers' personal belongings under i-Store brand. Currently, there are three branches on Silom, Sukhumvit 24 and Sukhumvit 71, conveniently located in the heart of the capital and the densely populated business districts so that customers can go in and out of the storage sites by themselves 24 hours a day. The company's customers are categorized into 2 groups: individuals who need storage space for their personal belongings, and companies with the need of inventory storage.
ISTORE22 has a paid-up capital of THB 128 million, consisting of 220 million existing shares and 36 million newly issued shares, with a par value of THB 0.50 each. It offered the 35.3 million newly issued shares to investors as specified by the Securities and Exchange Commission (SEC), and 0.70 million newly issued shares to the company's executives and employees, during December 15 - 16,19, at THB 1.40 each, for a total of THB 50.40 million in capital raised. Krungthai XSpring Securities Co., Ltd. is the lead underwriter.
ISTORE22 Chief Executive Officer Pakdee Anivat said that the company focuses on catering to customer needs based on continuous in-depth studies to gain insightful customer behaviors so as to develop and improve services in accordance with customer needs as much as possible. Significantly, ISTORE22 applies advanced technology to its self-storage services in terms of convenience and safety. Proceeds from the fundraising will be used to expand its branches, repay loans from financial institutions and finance its investment in subsidiaries.
ISTORE22's major shareholders after the IPO are Pakdee Anivat (34.9 percent), WHA Venture Holding Co., Ltd. (25.3 percent), and SMEs Private Equity Trust Fund (13.0 percent).
For more information on ISTORE22, please see the company's prospectus at the SEC's website at www.sec.or.th; and for general information, please visit www.storage-asia.com as well as www.live-platforms.com/live-exchange.