The Stock Exchange of Thailand (SET) will list Petchsrivichai Enterprise pcl, a leader in the fully integrated palm oil industry with robust supply chain management, on September 12, 2024, under the symbol "PCE". The company has a market capitalization at its initial public offering (IPO) of THB 6.27 billion (approx. USD 185.39 million).
SET Executive Vice President Amnouy Jiramahapoka said that PCE will list and start trading on SET in the Agro & Food industry group, Agribusiness sector.
PCE is a holding company, investing in the fully integrated palm oil business, divided into four main business groups: 1) Production and distribution of palm oil, biodiesel, and palm olein for consumption, including the purchase and resale of palm oil and related products to domestic and international customers; 2) Warehouse and wharf services; 3) Land transportation services; and 4) Ship transportation services.
PCE's paid-up capital after the IPO is THB 2.75 billion, with a par value of THB 1 per share. The company offered 750 million newly issued ordinary shares in its IPO to directors, executives, and employees of the company and its subsidiaries, patrons of the company and its subsidiaries, and institutional investors and individuals at the underwriters' discretion between August 30 and September 2-6, 2024. The IPO was priced at THB 2.28, raising THB 1.71 billion. The IPO price represents a price-to-earnings (P/E) ratio of 18.94 times. The earnings per share is THB 0.12, calculated from the company's net profit over the past four quarters (July 1, 2023 - June 30, 2024) at THB 331.22 million, divided by fully diluted shares. Asset Pro Management Co., Ltd. served as the financial advisor, while Maybank Securities (Thailand) pcl and Yuanta Securities (Thailand) Co., Ltd. acted as the lead underwriters.
PCE Chief Executive Officer Prakit Prasitisupaphol said that this fundraising and listing on SET mark a significant step in strengthening the company's financial position. PCE will use the funds to invest in a crude palm oil extraction plant, machinery, and equipment to expand production capacity, improve production efficiency, and invest in related businesses to add value to its products. The funds will also be used as working capital for PCE group's operations.
PCE's major shareholder after the IPO is the Prasitisupaphol family (72.73 percent). PCE's dividend policy is to pay shareholders not less than 30 percent of net profit from its separate financial statements after all legally required reserves. However, the dividend payment is subject to cash flow, investment plans, legal conditions, and other relevant factors in the future.
For more information on PCE, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th, and general information on www.pce-th.com and www.set.or.th.