mai welcomes integrated ICT service provider “PROEN” on April 29

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

334 million.


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

contractor businesses.


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

legal reserves.


For more information on PROEN, please see the company’s prospectus at the

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

information, please visit and


Source: The Stock Exchange of Thailand

Post Author: web Desk