SET Senior Executive Vice President Manpong Senanarong said that ORN will be listed and start trading on SET in the Property & Construction industry group, Property Development sector.
ORN is a holding company, of which subsidiaries are engaged in real estate development for sales in Chiang Mai province. The company develops both horizontal real estate projects, consisting of detached houses, semi-detached houses, and townhomes, under such brands as Belive, Habitat, and The Escape, and vertical real estate projects, both low rise and high rise, under the brands: The Next, The Astra and Arise. ORN develops projects according to the lifestyle and preference of the target groups, both Thai and foreign customers. Currently, there are 18 real estate projects available for sales with a total remaining sale value of THB 2.24 billion and nine future projects which will be available for sales by the year 2024, worth approximately THB 5.16 billion.
ORN has a paid-up capital of THB 1.50 billion, consisting of 1.09 billion existing common shares, and 406.5 million newly issued shares, with a par value of THB 1 each. It offered the newly issued shares to the general public during October 18 - 20, 2023, at THB 1.49 each, for a total of THB 605.69 million. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 5.73 times. The earnings per share is equal to THB 0.26, which was calculated from the company's net profit for the last four quarters, divided by fully diluted shares.
Asset Pro Management Co., Ltd. is the financial advisor. Phillip Securities (Thailand) pcl and UOB Kay Hian Securities (Thailand) pcl are joint lead underwriters.
ORN Chief Executive Officer Predikorn Buranupakorn said that the company's listing on SET will help strengthen its capital, enabling the company to expand real estate development business more proactively, as such creating solid and sustainable growth for the group as a whole. Proceeds from the fundraising will be used to acquire vacant land in potential locations for residential property project development and as working capital. ORN aims to become a real estate leader in the northern region of Thailand.
The company's dividend policy is to pay no less than 40 percent of net profit from the company's separate financial statements after all types of legal reserves. However, such dividend payment is subject to the company's cash flow, investment plan, legal obligations. The dividend payment must not have a significant impact on the company's normal operations.
After the IPO, the company's three largest shareholders are 1) Predikorn Buranupakorn's group (68.83 percent), 2) Ornanong Udomsirithamrong (3.67 percent), and 3) the Phanitphisal family group (0.21 percent). All these three groups are family members of the founder.
Investors and interested parties please see details from the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th; and for general information, please visit www.ornsirin.co.th as well as www.set.or.th.
Source: SET Corporate Communications