BANGKOK, The Stock Exchange of Thailand (SET) will list Function
International pcl, a one-stop water purifier and water system operator, on May
19, under the ticker symbol “FTI”. The company has a market capitalization at
its initial public offering (IPO) of THB 1.13 billion (approx. USD 32.4
million).
SET Senior Executive Vice President Manpong Senanarong said that FTI would list
and start trading on SET in the Consumer Products industry group, Home & Office
Products sector.
FTI imports, assembles, and distributes end-to-end water treatment system
including water purifiers and accessories, filters, filtering chemicals and
other products related to water treatment, as well as providing related
services. FTI’s product line covers all groups of users, ranging from household,
commercial, and industrial groups, under FTI’s 23 own and international brands
categorized into premium, medium, and economy price range to serve customer
demands on functions and prices. Besides, FTI is a wholesaler with more than 600
shops and distributors.
FTI has a registered paid-up capital of THB 450 million, consisting of 320
million existing common shares and 130 million newly issued shares, with a par
value of THB 1 each. It offered the newly issued shares to the general public
during May 11 – 13, 2022 at THB 2.50 each, for a total of THB 325 million.
Phillip Securities (Thailand) pcl is its financial advisor and lead underwriter.
FTI Chief Executive Officer Vikorn Poovapat said that with more than 20 years of
business experience, FTI understands consumer needs and pain points, and
therefore has designed, supplied, and developed a variety of products at a
reasonable price suitable for each target category and group. FTI has developed
distributors under the concept of “Water Store” to be its own brand’s selling
points in accordance with its growth commitment. The bulk of proceeds will be
utilized to expand distributor shops carrying FTI’s Aquatek brand to 50 branches
in 2024 to directly reach consumers to tap the promising retail market of water
purifiers.
FTI’s largest shareholder after IPO is Vikorn Poovapat’s and Voraya Poovapat’s
group (71.11 percent).
The company’s dividend policy is to pay no less than 40 percent of net profit
after corporate income tax and legal reserves. The payment is also subject to
financial status, investment plan and other factors so as to create optimum
benefit to shareholders.
Source: The Stock Exchange of Thailand
