mai President Prapan Charoenprawatt said that PIMO would list in the Industrial industry group on mai. The company was a manufacturer & seller of air conditioner motors, industrial induction motors and agricultural machinery, including submersible pumps, centrifugal pumps, pool & spa pump motors under its own “PIONEER MOTOR” brand, as well as being an original equipment manufacturer (OEM) for domestic and foreign customers in 20 countries.
PIMO has a paid-up registered capital of THB 130 million, consisting of 400 million existing common shares and 120 million newly issued shares, with a par value of THB 0.25 each. The company offered newly issued shares to the general public via IPO during August 3 - 5 at THB 1.30 each, for a total of THB 156 million. Asset Pro Management Co., Ltd. is its financial advisor while Capital Nomura Securities pcl is its lead underwriter.
Focusing on research and development on production technology, PIMO Managing Director Wasun Itthirojanakul said that the company was committed to offering diversified and best quality products with on-time delivery as well as after-sales services for customer satisfaction. This listing would strengthen financial capabilities and serve increasing customer demands. The fund raised would be used to improve motor productivity catering to domestic and international customers, as well as for working capital.
PIMO’s three major shareholders after the IPO are Itthirojanakul group (76.92 percent), Thanapat Pattana Co., Ltd. (0.38 percent) and Prathompob Cheunpanitkit (0.35 percent). The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 18.24 times, calculated by using the company's net profit in the past four quarters (April 1, 2014 – Mar 31, 2015) divided by fully diluted shares, representing earnings per share of THB 0.07. PIMO's dividend policy is to pay no less than 40 percent of net profits after taxes and reserves.
For more information on PIMO, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th and general information at the company's website atwww.pioneermotor.th.com, as well as www.set.or.th.