Market for Alternative Investment (mai) will list
Saintmed pcl, a distributor of imported medical instruments and equipment for
the country’s leading medical centers, and individuals, on June 17, under the
ticker symbol “SMD”. The company has a market capitalization at its initial
public offering (IPO) of THB 1.54 billion (approx. USD 49.50 million).
mai President Prapan Charoenprawatt said SMD would list and start trading on mai
in the Consumer Products industry group.
SMD is a distributor of various medical devices covering critical care ,
respiration, and cardiology products, among others. These are imported products
from leading manufacturers in countries, such as the United States, Germany,
Australia, Switzerland and China. In addition, SMD also provides maintenance and
rental services for medical devices. In December 2020, the company together
with the Karnchanaphisek Medical Center of the Faculty of Medicine Siriraj
Hospital at Mahidol University provided sleep test service to patients, in
accordance with their collaborative agreement. SMD’s customer base ratio in 2020
consisted of hospitals, universities and government medical institutions
totaling 71 percent, while juristic persons, individuals, private hospitals,
clinics and dealers accounting for 29 percent.
SMD has a registered paid-up capital of THB 107 million, consisting of 160
million existing common shares and 54 million newly issued shares, with a par
value of THB 0.50 each. It offered up to 45.90 million newly issued shares to
persons under the underwriters’ discretion, and not over 8.10 million shares to
the company’s directors, executives and employees during June 9 – 11, 2021 at
THB 7.20 each for a total of THB 388.80 million. The IPO price was equivalent to
price-to-earnings ratio (P/E ratio) of 17.52 times. The earnings per share is
equal to THB 0.41, calculated from the company’s net profit of THB 87.97 million
in the past 12 months (from April 1, 2020 to March 31, 2021), divided by fully
diluted shares. Capital One Partners Co., Ltd. is its financial advisor, and
Globlex Securities Co., Ltd. is the lead underwriter.
SMD Chief Executive Officer Viroje Vasusuttikulkant said that SMD’s management
has gained 20 years of experience and expertise in the import and sales of
medical equipment, and as distributor of products from over 30 manufacturers
worldwide under the leading brands such as Mindray, ResMed, Mortara, Welch Allyn
and Somnomedics, and more. The company is determined to be a leading
distributor of medical products, especially those concerning respiration and
life-saving. SMD plans to use the fund raised to finance a sleep examination
center project, invest in medical equipment rental, repay its loans to financial
institutions, and as working capital.
SMD’s 3 largest shareholders after the IPO are Khunwisetphong family (24.88
percent), Vasusuttikulkant family (17.94 percent) and Boonprasit family (17.94
percent). The company’s dividend policy is to pay no less than 30 percent of net
profit after corporate income tax and legal reserves.
Source: The Stock Exchange of Thailand