mai President Prapan Charoenprawatt said that TQR would list and start trading on mai in the Financials group.
TQR has engaged in reinsurance brokering business, providing integrated reinsurance solutions, including treaty and facultative reinsurance services for its cedants. The company is committed to providing the best quality of reinsurance arrangements to clients that are cedants, and reinsurers. Moreover, the company has jointly analyzed and developed innovative insurance products with partners, as well as providing advisory services related to international innovative products and adapting them to suit Thailand's insurance market. TQR has two main business groups: traditional reinsurance business, and alternative reinsurance business, as well as other income-generating related products, with revenue contribution of approximately 60:38:2 respectively. TQR's proportion of revenue by business categories in the first nine months of 2020 stood at 33:66:1.
TQR has a registered paid-up capital of THB 115 million, consisting of 170 million existing common shares and 60 million newly issued shares, with a par value of THB 0.50 each. It offered 30 million newly issued shares to general public via IPO: 15 million shares to institutional investors; up to 9 million shares to the company's patrons; and up to 6 million shares to TQR's directors, executives, and employees, during February 9 - 11 at THB 5.10 each, for a total of THB 306 million. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 15.8 times. The earnings per share is equal to THB 0.32 each, which was calculated from the company's net profit over the past 12 months (from October 1, 2019 to September 30, 2020) totalling THB 74.40 million, divided by fully diluted shares. Jay Capital Advisory Limited is its financial advisor and Thanachart Securities pcl is the underwriter.
TQR Chief Executive Officer Chanaphan Piriyaphan said that TQR's management team has specialized knowledge and expertise in insurance industry for many years, as well as virtuous relationship with clients and partners. The IPO listing will help strengthen the company's capital base, build reputation and recognition among insurance partners both locally and internationally, enhance competitive capabilities for sustainable growth. The fund raised will be used to invest in the IT system to enhance services of the operational efficiency improvement platform, financial model development and reinsurance model analysis, and as investment capital for other related businesses.
TQR's three main shareholders after the IPO are Pannipa Family (44.35 percent), Yupares Piriyaphan (13.30 percent), and Pornkasem Laudhittirut (8.87 percent). TQR's dividend policy is to pay at no less than 50 percent of net profit after corporate income tax and legal reserves.
For more information on TQR, 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.tqr.co.th, as well as www.set.or.th.
Source: The Stock Exchange of Thailand