Two companies are queued up to seek listing on the Market for Alternative Investment (MAI), a sign that the initial public offering (IPO) trend is thriving.
Forth Smart Service Plc, best known for its Boonterm bill-payment machines, plans to list on the MAI early next year, while Filter Vision Plc, a water treatment specialist, will sell its shares to the public for the first time on Oct 17, 18 and 21.
Forth Smart Service will earmark 200 million new shares at a par value of 0.50 baht through the IPO, raising its paid-up capital from 300 million baht to 400 million baht.
Of the total IPO shares, 104 million will be sold to the public and 96 million will go to existing shareholders of SET-listed Forth Corporation, the parent firm, at a ratio of 10 Forth shares to an IPO share of Forth Smart Service.
The company has appointed Asset Pro Management as financial adviser for the IPO, said Forth managing director Pongchai Amatanon.
Forth Smart Service will spend 300 million baht to raise the number of payment machines from 30,000 this year to 40,000 next year.
Forth's Boonterm machine, which provides 24-hour service for bill payments and top-ups, commands more than 90% of the Thai market.
Payments using the machines are forecast to rise to 7 billion baht this year and 10 billion baht next year from 4 billion baht in 2012. Net margin is 12-13%.
Mr Pongchai said the company is in talks with an Indonesian partner to bring Boonterm machines to that country at a cost of 500-600 million baht. Forth also has joined with a local partner on business in the Philippines.
The company had revenue of 576.20 million baht and a net profit of 15.26 million baht last year. In the first half of 2013, it had revenue of 366.81 million baht and a net profit of 40.17 million baht.
Meanwhile, Filter Vision Plc has set an IPO price of 1.20 baht a share. Phillip Securities is the underwriter, and Filter Vision plans to begin trading on the MAI on Oct 29 under the symbol FVC.
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