Bangkok, Market for Alternative Investment (mai) will list
Kijcharoen Engineering Electric pcl, a manufacturer and distributor of
switchboards, electrical cable tray, electrical wiring, and customized sheet
metal works on November 22 under the ticker symbol “KJL.” The company has a
market capitalization at its initial public offering (IPO) of THB 1.57 billion
(approx. USD 43.61 million).
mai President Prapan Charoenprawatt said that KJL will be listed and start
trading on mai in the Industrials industry group.
KJL manufactures and distributes switchboards, electrical cable tray, electrical
wiring equipment, and tailor-made sheet metal parts produced by modern
machinery and production technology under KJL trademark. The company sells both
KJL standard and made-to-order products certified with international quality
standards. In addition, the company has been authorized by French-based
Schneider Electric to produce and sell Prisma iPM electrical switchboard of
which the factory located in Krathum Baen district, Samut Sakhon province, south
of Bangkok. KJL’s target customers are dealers, electrical contractors, general
electrical equipment stores, and various organizations. During the first six
months of 2022, KJL standard products contributed 69 percent of the company’s
total revenue, 22 percent from made-to-order products, and the remaining 9
percent from scrap metal and metal sheets.
KJL has a paid-up capital of THBÂ 58 million, consisting of 86 million existing
ordinary shares and 30 million newly issued shares, with a par value of THB 0.50
each. It offered the newly issued shares of 22.5 million shares to the persons
at the underwriters’ discretion, 4.5 million shares to the company’s patrons,
and 3 million shares to the company’s directors, executives and employees,
during November 9 – 11, at THB 13.50 each, for a total of THB 405 million. The
IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 13.99 times.
The earnings per share is equal to THB 0.97, which was calculated from the
company’s net profit of THB 111.96 million in the past four quarters (from June
30, 2021 to June 30, 2022) and divided by fully diluted shares. Yuanta
Securities (Thailand) Co., Ltd. is the financial advisor and lead underwriter.
KJL Chief Executive Officer Kasemsan Sujiwarodom said that the listing on mai is
another step forward to enhance competitive edge towards industry excellence.
The company aims to meet the needs of diverse customers in each industry
inclusively via innovation and advanced technology, achieving high standards and
quality, with fast and prompt services. The fund raised will be used to invest
in KJL Innovation Campus, the factory construction and machinery, repay
short-term loans, acquire Solar Rooftop power generation system, and as working
capital.
KJL’s major shareholders after the IPO is the Sujiwarodom family group (74.14
percent). The company’s dividend policy is to pay no less than 40 percent of net
profit from the company’s separate financial statements after corporate income
tax and all types of legal reserves.
Source: The Stock Exchange of Thailand