Thai paint manufacturer TOA seeks SET listing for ASEAN expansion

Wed Aug 9, 2017 - 12:05pm UTC

Local paint and coating manufacturer TOA Paint (Thailand) Plc has applied to go for an initial public offering on the Stock Exchange of Thailand (SET).

According to the company’s chief executive Jatuphat Tangkaravakoon, the IPO proceeds will be used as working capital requirements to expand its business domestically and overseas.

“We have the vision to be a leader in the paint and coating market in Asean, which will be achieved by offering market-leading products and services. We also believe that we will benefit from the Asean Economic Community, which is expected to have high market growth,” Tangkaravakoon said.

Built on an experience of five decades, TOA is home to many strong brands including 114 brands of decorative paint and coating products as well as 88 brands of non-decorative paint and coating products.

It has eight production plants in six countries, of which three are located in Thailand, and one each in Vietnam, Laos, and Malaysia. The firm is also constructing another three in Indonesia, Cambodia, and Myanmar.

TOA’s registered capital comprises of 2 billion shares standing at 2 billion baht (about US$ 60 million). The firm plans to offer up to 507.6 million shares, equivalent to 25.02 percent of its registered capital.

The deal will see the firm selling 254 million primary shares and up to 253.6 million secondary shares that are currently held by Wybrant Holding Limited.

Kasikorn Securities and Bualuang Securities are the financial advisers for the IPO.

According to the president of Bualuang Securities, Pichet Sithi-Amnuai said that TOA is likely to launch its IPO and list on the Stock Exchange of Thailand by the end of 2017.

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