mai welcomes property developer "JAK" on Jan 18

Monday 18 January 2021 08:25
Market for Alternative Investment (mai) will list Jakpaisan Estate pcl, a property developer with low-rise housing and condominium projects in its portfolio, on January 18, under the ticker symbol "JAK". The company has a market capitalization at its initial public offering (IPO) of THB 464 million (approx. USD 15.3 million).
mai welcomes property developer JAK on Jan 18

mai President Prapan Charoenprawatt said that JAK would list and start trading on mai in Property & Construction industry group.

JAK has developed both low-rise housing and condominium projects. The company's horizontal housing developments, including the six sold-out projects, are located in Saraburi, Ayutthaya, Chon Buri and Chachoengsao provinces, while it has built low-rise condominium projects in Bangkok and two of which were sold out. As of September 30, 2020, JAK had two projects under construction - "Jakpaisan 18" and "Fern Phase 1" - with a combined worth of THB 663 million and three more projects valued at THB 1.42 billion in total were in the pipeline. The company's residential unit price is in a range of 1-5 million each; and first jobbers, and first-time and local homebuyers are its target groups. Moreover, JAK holds 40 percent share in MTS Asset Development Co., Ltd, a property developer of an on-sale IDLY project worth THB 1.27 billion in Chon Buri province.

JAK has a registered paid-up capital of THB 320 million, consisting of 237.29 million existing common shares and 82.71 million newly issued shares, with a par value of THB 1.00 each. It offered the entire newly issued shares through IPO, of which not exceeding 71.61 million shares to persons under the underwriters' discretion and institutional investors; up to 8 million shares to the company's directors, executives, and employees; and not exceeding 3.1 million shares to the company's patrons, at THB 1.45 per share, for a total value of THB 119.93 million between January 8, and 11-12. The IPO price was equivalent to the price-to-earnings (P/E) ratio of 30.87 calculated by using the company's net profit over the past 12 months (October 1, 2019 - September 30, 2020) of 15.03 million, divided by fully diluted shares, representing earnings per share of THB 0.05. Finnex Advisory Co., Ltd. is its financial advisor while ASL Securities Co., Ltd., is lead underwriter.

JAK Managing Director Weeraphan Jakpaisan said that the company's projects have been recognized among customers for good quality and service, thanks to JAK's long experience and expertise in property development and the projects' potential locations. The fundraising will be used to finance project development or buy new land bank, repay loans to financial institutions and as working capital.

JAK's major shareholder after the IPO is Jakpaisan family (69.30 percent). The company's dividend policy is to pay no less than 40 percent of net profit after reserves required by laws and articles of associations from the company's separate financial statement.

For more information on JAK, 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.jakpaisanestate.com and www.set.or.th.

Source: SET Corporate Communications