SET Senior Executive Vice President Soravis Krairiksh announced that Ngernturbo pcl will be listed and start trading on the Stock Exchange of Thailand (SET) in the Finance & Securities business sector of the Financials industry group under the ticker symbol "TURBO" on September 30, 2025. This market debut represents a pivotal milestone for the company in harnessing fund-raising opportunities offered by the capital market to accelerate its business expansion, strengthen its capabilities, and provide retail customers with broader and enhanced access to reliable financial services.
TURBO is a financial service company providing vehicle title loans and nano-finance services under the supervision of the Bank of Thailand, complemented by land title loans, and life and general insurance brokerage businesses. Operating under the "Ngernturbo" commercial brand, the company maintains an extensive distribution network of 996 branches across 54 provinces throughout Thailand's major regions. The company's loan portfolio expansion has been driven by both same-store loan growth and branch network expansion to capture new client bases.
TURBO has a paid-up capital of THB 1.34 billion (approximately USD 41.90 million) after the IPO, with a par value of THB 0.50 per share. The company offered 537 million IPO shares, consisting of 447.78 million newly issued ordinary shares and 89.22 million existing shares held by Kasikorn Vision Co., Ltd. (KVISION), to subscribers at the underwriters' discretion, qualified institutional investors and entities participating in the book-building process, and the company's patrons, employees and related parties from September 19 and 22-23, 2025 at THB 1.50 per share, generating THB 671.67 million in fresh funding with the IPO market capitalization of THB 4.01 billion. Tisco Bank pcl serves as financial advisor while Tisco Securities Co., Ltd. and Kasikorn Securities pcl are joint-lead underwriters.
TURBO Chief Executive Officer Sutach Ruangsuttipap outlined the company's business strategy which focuses on capturing untapped opportunities within the unbanked retail segment. To penetrate this market, the company will deploy diverse loan products tailored to segment-specific requirements, differentiating its value proposition through rapid services that are conveniently accessible every day. This capability is driven by TURBO's in-house technology and IT solutions designed to optimize end-to-end processes, from loan origination and credit underwriting to effective risk management, for long-term cost-effectiveness. The IPO proceeds will be primarily allocated to the financial business expansion, bank loan repayment, and working capital enhancement.
Top three shareholders of TURBO after the IPO are: 1) the Tangmitrphracha family (74.02 percent), 2) KVISION (4.98 percent), and 3) executives and employees of the company and retail shareholders (21.00 percent). The IPO price is determined through the book-building process, representing the price-to-earnings (P/E) ratio of 12.70 times and the earnings per share of THB 0.12, calculated from the company's trailing 12-month net profits (July 2024 - June 2025), divided by fully diluted shares. The company's dividend policy is to pay shareholders a minimum of 20 percent of its net profit based on the separate financial statements after deduction of corporate tax expenses and all reserves mandated by laws and the company's articles of association.
For more information on TURBO, please see the company's prospectus on the Securities and Exchange Commission's website at www.sec.or.th, and general information at www.turbo.co.th and www.set.or.th.