mai welcomes distributor of air conditioning equipment and contractor service for installation of M&E work “24CS” on October 3

Bangkok, Market for Alternative Investment (mai) will list

Twenty-Four Con & Supply pcl, an importer and distributor of air conditioning

and ventilation equipment and contractors to install engineering systems for

building assembly, on October 3, under the ticker symbol “24CS”. The company has

a market capitalization at its initial public offering (IPO) of THB 1.46

billion (approx. USD 38.50 million).


mai President Prapan Charoenprawatt said that 24CS would list and start trading

on mai in the  Property & Construction industry group.


24CS is an air conditioning and ventilation equipment importer and distributor

for leading brands with international standard such as TROX, Trane, AAF, Kruger

and Honeywell. In addition, the company is also an end-to-end service provider

for the installation of building assembly engineering system and other types of

construction work, such as civil and architectural work.


Most of the company’s customers are main contractors such as Italian-Thai

Development pcl and Power Line Engineering pcl, tasked with the construction of

big-ticket infrastructures, electric train system, buildings in the airport

area, power plants,  power stations and office buildings. In the six-month

period ending June 30, 2022, the company’s revenue ratio of ready-built sales to

materials & equipment sales stood to 62:38. Moreover, 24CS’s unrealized income

amounted to THB 1.17 billion.


24CS has a registered paid-up capital of THB 215 million, consisting of 300

million existing ordinary shares and 130 million newly issued shares, with a par

value of THB 0.50 each. It offered at least 108.50 million shares to persons at

the underwriters’ discretion, up to 19.50 million shares to the company’s

patrons, and 2 million shares to the company’s employees who are not directors

nor executives, during September 23 and 26-27 at THB 3.40 each, for a total of

THB 442 million. The IPO price was equivalent to price-to-earnings ratio (P/E

ratio) of 48.57 times. Earnings per share is equal to THB 0.07, which was

calculated from the company’s net profit of THB 29.14 million in the past 12

months (from July 1, 2021 to June 30, 2022), divided by fully diluted shares.

UOB Kay Hian Securities (Thailand) pcl is its financial advisor and Asia Wealth

Securities Co., Ltd. is the lead underwriter.


24CS Chief Executive Officer Yodsawee Wattanateerakitja said that the company’s

strength is being a distributor of leading brands of air conditioning equipment

from both local and international manufacturers, enabling cost-effective

management. In addition, 24CS has a team of engineers with experience and

expertise in system installation especially the air conditioning system and the

internal air circulation control, well-recognized for the quality of work and

has gained customer trust continuously. The fund raised will be used as working

capital for the company’s business operations.


24CS’s major shareholders after the IPO are Yodsawee Wattanateerakitja (24.42

percent), Santi Maneewong (24.42 percent), and Thawatchai Jirawataungkana,

Prapai Wongmakes and Poonsawad Sripataranusorn (6.98 percent each). The

company’s dividend policy is to pay no less than 40 percent of net profit from

the company’s separate financial statement after corporate income tax and all

types of reserves as specified by law and the company’s regulations.


Investors and interested parties can find the company’s prospectus at the

Securities and Exchange Commission’s website at; and for general

information, please visit  as well as


Source: Stock Exchange of Thailand