![SET welcomes lifestyle and fashion product retailer](/img/files/20231017/iq422fa7b280010007649908d3db85cc83.jpg)
The Stock Exchange of Thailand (SET) will list Tanachira Retail Corporation pcl, a lifestyle and fashion product retailer, on Oct 18 under the ticker symbol "TAN". The company has a market capitalization at its initial public offering (IPO) of THB 4.95 billion (approx. USD 135.80 million).
SET Senior Executive Vice President Manpong Senanarong said that TAN will be listed and start trading on the SET in the Services industry group, Commerce sector.
TAN is lifestyle and fashion retailer of five brands, three of which have approved the company as the exclusive importer and distributor of their globally recognized products. The three companies are Pandora, a Danish leading jewelry brand; Marimekko, lifestyle products with outstanding prints and colors from Finland; and Cath Kidston, modern vintage lifestyle products from the U.K.
The company group owns body care, skincare, spa and aromatherapy products under the brands of HARNN and Vuudh. HARNN products are main products used in the spa business of the company group and its spa franchisees. In addition, TAN has been authorized to distribute products in Japan, Singapore and Vietnam. Currently, it operates 131 branches in Thailand and overseas.
After the IPO, TAN has a paid-up capital of THB 300 million consisting of 222.5 million existing common shares and 77.5 million newly issued shares, with a par value of THB 1.00 each. It offered all newly issued shares to persons at underwriters' discretion, institutional investors or book building participating entities, the company's related persons, and employees of the company and its subsidiaries during October 9-11, 2023, at THB 16.50 each for a raised fund of THB 1.28 billion. Kasikorn Securities pcl is the financial adviser and lead underwriter.
TAN Chief Executive Officer Tanapong Chirapanidchakul said the listing on SET marks another milestone of success and pride of TAN. The company has gained competitive edge through its portfolio of various brands which have been growing rapidly and covering lifestyle and fashion products, spa, spa franchises, and lifestyle foods and beverages. The company excels in brand management, has consumer behavior insights, and effectively satisfies the lifestyles of target groups of customers with its concept of "Bring the best of the brand to the best of Thailand". Moreover, the company has offline and online distribution channels in Thailand and other countries, and potential to become a leading player in the region. After the listing, TAN will continuously expand its business ecosystems, develop brands in its portfolio, enter related business, and introduce new brands for sustainable growth in a long run.
TAN's major shareholder after the IPO is the Tanapong Chirapanidchakul group (74.17 percent through direct and indirect holding). TAN's dividend policy is to pay at least 40 percent of net profit from its consolidated financial statements after corporate income tax and reserves required by law and its articles of association. Dividend payment may be different from the policy, subject to its operating performances, financial liquidity, need of working capital for business management, and business expansion plans in the future as well as economic circumstances.
For more information on TAN, 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.tanachira.co.th and www.set.or.th.