Green light for TOA’s IPO and bourse listing

The company is expected to make an IPO – to raise funds to finance local and overseas expansion and operating-efficiency enhancement campaigns, and for use as working capital –– and list on the Stock Exchange of Thailand (SET) by the year’s end. 
To secure leadership in the Asean coating-paint market, TOA is building three overseas plants, which will become operational next year.
Pichet Sithi-Amnuai, president of Bualuang Securities, as co-financial adviser for the IPO, said on Tuesday that the Securities Exchange Commission had granted the application and filing submitted by TOA Paint (Thailand) to make an IPO of ordinary shares.
TOA’s current registered capital stands at Bt2.029 billion, divided into 2.029 billion shares with a par value of Bt1 each, 1.775 billion of which have been issued and paid. 
The company is seeking to offer up to 507.6 million shares, comprising up to 254 million capital-increase IPO shares and up to 253.6 million ordinary shares that are currently held by an existing shareholder – Wybrant Holding Limited – which would represent up to 25.02 of the number of TOA’s post-IPO issued and paid shares.
Manpong Senanarong, managing director of Kasikorn Securities, as another co-financial advisor, added that IPO dates were being set and TOA was likely to list on the SET by the end of this year. 
As of March 31, TOA owned eight manufacturing plants, three of them in Thailand and one each in Vietnam, Laos, Malaysia, Myanmar and Cambodia. 
New plants are under construction in Indonesia, Cambodia and Myanmar.
Their scheduled completion next year will increase production capacity by around 17 per cent, which is expected to enhance market potential and TOA’s share in the Asean Economic Community paint and coating-product markets.