Market for Alternative Investment (mai) will list TBN Corporation pcl, an integrated digital design and development service provider, and the first and only distributor of Mendix software license in Thailand, on June 19, under the ticker symbol "TBN". The company has a market capitalization at its initial public offering (IPO) of THB 1.70 billion (approx. USD 49.20 million).
mai President Prapan Charoenprawatt said that TBN will be listed and start trading on mai in the Technology industry group.
TBN provides end-to-end digital system design and development services, including consultation on digital transformation and customized solution development utilizing Mendix's low-code platform, the software that enables fast-track applications development or digital solutions. Currently, TBN is the first and only authorized distributor of Siemens' Mendix software license in Thailand, while the company's 70 percent-owned subsidiary, BOP Co., Ltd., provides high-code software development services. TBN's customers are leading organizations in various industries, mostly in the finance and insurance sectors. In the first quarter of 2023, the ratio of income from system development & related services to technology support & others was recorded at 55:45.
TBN has a paid-up capital of THB 50 million, consisting of 75 million existing ordinary shares and 25 million newly issued shares, with a par value of THB 0.50 each. It allocated at least 22.5 million newly issued shares to individuals at the underwriters' discretion and the general public, and up to 2.5 million shares to employees of the company and subsidiaries, during June 12-14, 2023 at THB 17.0 each, for a total of THB 425 million in fundraising. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 31.26 times. The earnings per share is equal to THB 0.54, which was calculated from the company's net profit of THB 54.38 million in the past four quarters (April 1, 2022 to March 31, 2023), divided by fully diluted shares. Pioneer Advisory Co., Ltd. is the financial advisor, and Finansa Securities Ltd. and CGS-CIMB Securities (Thailand) Co., Ltd. are the lead underwriters.
TBN Chief Executive Officer Panayu Sirikrachangsri said that TBN is Thailand's first low-code software provider with more than 15 years of experience. Notably, TBN has been appointed as the distributor of Siemens' Mendix software in Thailand since 2008 with contract renewal continuously every year. The company has a team of experts who understand Mendix products well, gaining recognition from large organizations. The fundraising will be used as working capital for business expansion, to increase potential and competitiveness, such as using as working capital in digital development projects to support the rising digital transformation trend to increase the number of personnel, enhance personnel development, develop various systems and facilities to support the increasing number of projects and personnel.
TBN's major shareholders after the IPO are Panayu Sirikrachangsri (23.59 percent), Narisra Limtanakool (18.04 percent), and Rocket Holdings (HK) Limited (a subsidiary of BTS Group Holdings pcl: 9.99 percent). The company's dividend policy is to pay no less than 40 percent of net profit from the company's separate financial statements after corporate income tax and all types of reserves as specified by law and articles of association.
For more information on TBN, 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.tbn.co.th as well as www.set.or.th.