Bangkok, Market for Alternative Investment (mai) will list
Primo Service Solutions pcl, a one-stop property service company, on Nov 30
under the ticker symbol “PRI”. The company has a market capitalization at its
initial public offering (IPO) of THB 4.80 billion (approx. USD 133.33 million).
mai President Prapan Charoenprawatt said PRI will be listed and start trading on
mai in the Property & Construction industry group.
PRI is a holding company of Origin Property pcl (ORI) and ORI group’s flagship
company providing one-stop property services. PRI holds shares in eight
subsidiaries engaged in three business groups: 1) engineering consulting and
design offering construction consulting and supervision as well as architectural
design; 2) property management business covering juristic entities for
condominiums and housing estate, shopping centers and office buildings; broker,
investment matchmaking service and consulting; and 3) property-related
aftersales services such as interior design and decoration, cleaning and
property maintenance. For the first nine months of 2022, the three groups of
business accounted for 13 percent, 46 percent and 41 percent respectively of
PRI’s total revenue. Revenue from its services for ORI group made up 42 percent
of all service-related revenue.
After the IPO, PRI has a paid-up capital of THB 160 million, consisting of 240
million existing common shares and 80 million newly issued shares, with a par
value of THB 0.50 each. It offered 64 million newly shares to persons at the
underwriter’s discretion and the remaining 16 million shares to institutional
investors during November 22-24, 2022, at THB 15 each, for a total of THB 1.20
billion. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of
24.19 times. The earning per share is equal to THB 0.62, which was calculated
from the company’s net profit of THB 198.89 million in the past four quarters
(from October 1, 2021, to September 30, 2022), divided by fully diluted shares.
Asia Plus Advisory Co., Ltd. is the financial advisor and Asia Plus Securities
Co., Ltd. is the lead underwriter.
PRI Chief Executive Officer Jatuporn Wilaikaew said the company was a leading
provider of one-stop modern property services. PRI’s management and staff
understand client demand and are able to design the services that satisfy
property developers and the residential property projects’ dwellers. The
proceeds arising from the fundraising will be used to expand relevant business
and improve service technologies for clients, and as working capital.
PRI’s major shareholder after the IPO is ORI (75 percent). The company’s
dividend policy is to pay at least 40 percent of net profit from the company’s
annual separate financial statements after tax, and legal and other reserves.
Source: The Stock Exchange of Thailand
