BANGKOK, April 28, 2021 – Market for Alternative Investment (mai) will list
PROEN Corp pcl, a service provider of integrated information communication and
technology (ICT), as well as construction contractor for telecommunication and
infrastructure projects, on April 29, under the ticker symbol “PROEN”. The
company has a market capitalization at its initial public offering (IPO) of THB
1.027 billion (approx. USD 32.61 million).
mai President Prapan Charoenprawatt said that PROEN would list and start trading
on mai in the Technology industry group.
PROEN and its subsidiary operate two main businesses consisting of: 1) ICT
business of data center, internet service provider (ISP) and cloud service; and
2) Construction contractor related to telecommunication and Infrastructure
services. In 2020, the revenue ratio of ICT business to the construction
contractor business was 60:40. The ICT customers comprise online games, online
shopping, communication & IT, entertainment, and banking businesses, while the
customers of the construction contractor business launched in 2017 are state
agencies and main contractors. At end-2020, PROEN has a backlog amounting to THB
PROEN has a registered paid-up capital of THB 158 million, consisting of 230
million existing common shares and 86 million newly issued shares, with a par
value of THB 0.50 each. It offered the newly issued shares to persons under the
underwriters’ discretion; institutional investors; the company’s patrons,
directors, executives, employees, its subsidiary’s employees, and relevant
persons during April 21 – 23, at THB 3.25 each, for a total of THB 279.5
million. It has the market capitalization at the IPO price of THB 1.03 billion.
The IPO price is equivalent to the P/E ratio of 41 times. The earnings per share
is equal to THB 0.08, which was calculated from the company’s net profit of THB
25.3 million in the past 12 months (from January 1 to December 31, 2020)
divided by fully diluted shares. Asia Plus Advisory Co., Ltd. is its financial
advisor, and Asia Plus Securities Co., Ltd. is the underwriter.
PROEN Chief Executive Officer Kittipan Sri-bua-iam said the company has engaged
in ICT services for more than 23 years. It has knowledgeable and experienced
team to serve customer needs with adaptability to suit the changing technology.
PROEN’s data center is located at state-owned telecom company tower (CAT),
Bangrak district in Bangkok. The company has continuously expanded its data
center domain with current capacity of 645 servers. The listing on mai will help
strengthen the firm’s capital base and the fundraising will be used to
construct the new data center building and new office building, repay loans to
financial institutions, and as working capital for ICT and construction
PROEN’s major shareholder after the IPO is Sri-bua-iam family (73.8 percent).
The company’s dividend policy is to pay no less than 40 percent of net profit
after corporate income tax from the company’s separate financial statements, and
For more information on PROEN, please see the company’s prospectus at the
Securities and Exchange Commission’s website at www.sec.or.th ; and for general
information, please visit www.proen.co.th and www.set.or.th.
Source: The Stock Exchange of Thailand