Market for Alternative Investment (mai) will list Thai Parcels pcl, a goods or package delivery service provider for both business and the general public in Thailand, on June 30, under the ticker symbol "TPL". The company has a market capitalization at its initial public offering (IPO) of THB 1.73 billion (approx. USD 49.11 million).
mai President Prapan Charoenprawatt said that TPL will be listed and start trading on mai in the Services industry group.
TPL provides goods and package delivery services for both business and individuals in Thailand, including cash on delivery service. The company has expertise in the delivery of products in various packaging types, especially the heavy and large items or non-standard packages. Currently, the company provides delivery services of about 350,000 - 600,000 items per month using a variety of vehicles, with 300 trucks and pick-up trucks. There are altogether 120 service points nationwide, being either TPL's own branches or franchises. The company's main customers include entrepreneurs, factories, product owners, and logistics service agents. In 2022, ratio of the company's revenue and income from service based on the types of delivery consisting of business-to-business (B2B), customer-to-customer (C2C) and business-to- customer (B2C) were 33 : 36 : 31, respectively.
TPL has a paid-up capital of THB 262 million, consisting of 404 million existing ordinary shares and 120 million newly issued shares, with a par value of THB 0.50 each. It offered 96 million newly issued shares to the individuals at the underwriter's discretion, 18 million to the company's patrons, and 6 million to institutional investors, during June 22 - 26, 2023 at THB 3.30 each, for a total of THB 396 million. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 66 times. The earnings per share is equal to THB 0.05, which was calculated from the company's net profit of THB 27.82 million in the past 12 months (April 1, 2022 to March 31, 2023), divided by fully diluted shares. Finnex Advisory Co., Ltd. is the financial advisor, and Kingsford Securities pcl is the lead underwriter on best effort basis.
TPL Chief Executive Officer Pathrlap Davivongsa Na Ayutthaya said that in the endeavor to become a leading logistics company, TPL has created excellence in providing the best delivery service, and supported market growth via distribution centers, pick-up points, transportation vehicles, technology and a full range of extra services. Proceeds from the fundraising will be used to invest in vehicles, EV charging stations and equipment to support the use of electric trucks, to purchase land, and to build distribution centers and/or service points, to invest in information technology systems, to repay debts to financial institutions, and as working capital.
TPL 's major shareholders after the IPO are the Chinavijcharana family group (36.25 percent), and Aqua Corporation pcl (26.73 percent). The company's dividend policy is to pay no less than 50 percent of company's annual net profit after corporate income tax and legal reserves.
For more information on TPL, 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.thaiparcels.com as well as www.set.or.th.