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 www.sec.or.th; and for general
information, please visit www.24con-supply.com as well as www.set.or.th.
Source: Stock Exchange of Thailand