Bangkok, The Stock Exchange of Thailand (SET) will list Royal
Plus pcl, a manufacturer and distributor of coconut juice, coconut milk, fruit
juice and other beverages including milk tea and vitamin drinks, on May 20,
under the ticker symbol “PLUS”. The company has a market capitalization at its
initial public offering (IPO) of THB 3.02 billion (approx. USD 87.21 million).
SET Senior Executive Vice President Manpong Senanarong said that PLUS would list
and start trading on SET in the Agro & Food Industry industry group, Food &
Beverage sector.
PLUS manufactures and sells beverages which are categorized into two groups: 1.
Fruit juices consisting of coconut juice, coconut milk, fruit juice mixed with
basil seeds and chia seed fruit juice drink; and 2. General beverages consisting
of milk tea, vitamin drink and others. Its major revenues stemmed from the
original equipment manufacturer (OEM) production. PLUS produces and sells
products under the company’s own brands, such as coconut juice under ‘Coco
Royal’ brand; mixed fruit juice under ‘Nita’, ‘Coco Royal’ and ‘Mabu’ brands;
and vitamin drink under ‘C-Boom’ brand. Moreover, PLUS has developed a new
product line with plant-based materials comprising coconut milk drink and
coconut yogurt under ‘Mabu’ brand as health supplement products, expected to hit
the shelves in the second quarter of 2022.
PLUS has a registered paid-up capital of THB 335 million, consisting of 500
million existing common shares and 170 million newly issued shares, with a par
value of THB 0.50 each. It offered the newly issued shares to the general public
during May 11 – 13, 2022, at THB 4.50 each, for a total of THB 765 million. The
IPO price was equivalent to the enterprise value to earnings before interest,
taxes, depreciation and amortization ratio (EV/EBITDA) of about 20.4 times.
PLUS Managing Director Phonsaeng Saebe said the company is determined to develop
beverage products with unique flavors and quality to meet customers’ demand,
focusing on natural ingredients and innovations. Strength of the company’s
products is competitive edge in the global marketplace, such as the coconut
juice and coconut milk drinks produced from locally grown coconuts with uniquely
tasty flavor delectable to both Thai and foreign consumers. Besides, the
company has prioritized the continuous development in association with trading
partners and business alliances to expand customer base and ensure sustainable
and inclusive growth.
The fundraising and listing of the company will strengthen both the financial
status and business growth capabilities. The fund raised will be used to expand
factory, invest in additional machinery, repay loans to financial institutions,
and as working capital to support business expansion in the future.
PLUS’s dividend policy is to pay no less than 40 percent of net profit from the
company’s separate financial statement after corporate income tax and various
reserves. However, the dividend payment is subject to change, depending on
performance, financial status, liquidity, future investment and expansion plans,
market conditions, suitability and other relevant factors.
PLUS’s major shareholders after the IPO are the Phonsaeng Saebe group and the
Xueduan Ma group, who are groups of founders, with a combined shareholding of
57.9 percent.
Source: The Stock Exchange of Thailand