The Market for Alternative Investment (mai) will list Maguro Group pcl, a premium-mass restaurant operator under brands "MAGURO," "SSamthing Together," and "HITORI SHABU," on June 5, 2024 under the symbol "MAGURO". The company has a market capitalization at its initial public offering (IPO) of THB 2.00 billion (approx. USD 54.2 million).
mai President Prapan Charoenprawatt said MAGURO will start trading on mai in the Agro & Food Industry group.
MAGURO operates a restaurant business, offering food and beverage, and food delivery services as well as off-site catering. The company has three brands with a total of 27 branches covering areas in Bangkok and its vicinity; namely, 1) MAGURO, a Japanese restaurant and sushi bar that started operation in 2015 with 14 branches, as well as food delivery services through the MAGURO Go platform; 2) SSAMTHING TOGETHER, a premium Korean barbecue restaurant that opened in 2021 with six branches; and 3) HITORI SHABU, an authentic Japanese-style shabu and sukiyaki restaurant that opened in 2022 with seven branches. The company has a central kitchen located at Soi Chalermprakiat Rama 9, Prawet District in Bangkok. In the first quarter of 2024, the company's revenue by restaurant brand was MAGURO : HITORI SHABU : SSAMTHING TOGETHER at a ratio of 58 : 25 : 17, respectively.
MAGURO has a paid-up capital after the IPO of THB 63 million, consisting of 104.54 million existing ordinary shares and 21.46 million newly issued shares, with a par value of THB 0.50 per share. Of the total IPO shares comprising 21.46 million newly issued shares and 12.6 million shares held by existing shareholders, 32.78 million shares were offered to persons at the underwriters' discretion, 0.62 million shares to the company's patrons, and 0.66 million shares to the company's directors, executives, and employees during May 28-30, 2024. The IPO shares were priced at THB 15.90 per share, raising THB 341.22 million in fresh fund and THB 541.56 million in total issued value. The IPO price was equivalent to the price-to-earnings (P/E) ratio of 27.38 times. The earnings per share is equal to THB 0.58 which was calculated from the company's net profit over the past 12 months (from April 1, 2023, to March 31, 2024) divided by fully diluted shares. Jay Capital Advisory Co., Ltd. is the financial advisor, and Finansia Syrus Securities pcl is the lead underwriter
MAGURO Chief Executive Officer Eakkalurk Sangsareedumrong said that the company's restaurant business has been adhering to the Japanese philosophy of "Give More," which is the starting point for operating a premium-mass restaurant business to deliver valuable and quality dining experiences to customers. The proceeds from the fundraising will be used to expand the company's business, renovate existing branches and the central kitchen, install and upgrade IT systems related to operations to increase work efficiency and support future branch expansion, and as working capital.
MAGURO's major shareholders after IPO are the four founders, consisting of Eakkalurk Sangsareedumrong, Chatcharas Sriarun, Ronnakad Chinsamran, and Jakkrit Saisomboon, (14.86 percent each); and Holistic Impact Pte. Ltd, a private equity fund, (13.52 percent). The company's dividend policy is to pay shareholders not less than 40 percent of net profit from its financial statements after taxes and legal reserves.
For more information on MAGURO, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th, and general information on www.maguro.co.th and www.set.or.th.