SET to list auto parts maker Ingress Industrial (Thailand) on August 9

Stocks and Financial Services Press Releases Tuesday August 8, 2017 17:06
Bangkok--8 Aug--SET

The Stock Exchange of Thailand (SET) will list Ingress Industrial (Thailand) pcl, a regional leading auto parts maker and distributor in ASEAN with production bases in Thailand, Malaysia, Indonesia and India, on August 9, under the ticker symbol "INGRS". The company has a market capitalization at its initial public offering (IPO) of THB 1.92 billion (approx. USD 57.4 million).

SET Senior Executive Vice President Santi Kiranand said that INGRS would list on SET in the Industrials industry, Automotive sector. INGRS is a holding company that invests both directly and indirectly in eight subsidiaries and a joint-stock company with Ingress Autoventure Co., Ltd as the group's core company, engaged in Automotive Components Manufacturing (ACM) business. The group has manufacturing bases in four countries namely Thailand, Malaysia, Indonesia and India, distributing their products primarily to Original Equipment Manufacturers (OEMs) that supply to the world's leading automakers, such as Honda, Mitsubishi, General Motors, Isuzu Motors, Suzuki, Nissan, Toyota Motors, Perodua and Proton, etc.

INGRS has a paid-up registered capital of THB 1.45 billion, consisting of 1.19 billion existing common shares and 261.56 million newly issued shares, with a par value of THB 1.00 each. The company offered a total of 578.44 million shares, of which 261.56 million were newly issued shares and 316.88 million were vendor shares, to underwriters' beneficiaries, institutional investors and the company's related persons during July 31 - August 2, 2017, at THB 1.33 each, for a total of THB 347.88 million. Maybank Kim Eng Securities (Thailand) pcl is the financial advisor, and lead underwriter.

INGRS Chief Executive Officer Abdul Rahim Bin Haji Hitam said the company's strengths are technology and innovative production with a focus on high quality products. The fund raised would be used for investment in new projects to serve customer needs, debt repayment and also as additional working capital.

INGRS's three major shareholders after the IPO are Ingress Corporation Berhad (60.02 percent), Sakchai Yodvanich (1.38 percent), and Palakornkijwattana Group (1.12 percent). The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 10.59 times calculated by using the company's net profit amounting to THB 181.67 million in the past four quarters (May 1, 2016 – April 30,2017), divided by fully diluted shares, representing earnings per share of THB 0.1256. INGRS's dividend policy is to pay no less than 40 percent of the company's separate financial statement, after corporate income tax and legal reserves.

For more information, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th; and for general information, please visit www.ingress.co.th, as well as www.set.or.th.


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