mai welcomes property service firm Primo Service Solutions (PRI) on Nov 30

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