mai President Prapan Charoenprawatt said EURO will be listed and start trading on mai in the Consumer Products industry group.
EURO is an end-to-end importer and distributor of furniture and home decorations of the leading luxury brands. Available at "Euro Creations" shop and other outlets are furniture for kitchens, offices and outdoor areas as well as lighting, bedding, exercise equipment and technology products and devices. It is the sole official importer and distributor for 16 brands in Thailand including Calligaris, Cassina, Christopher Guy and Technogym. It is also a distributor of general products of 13 brands. At present, the company has five showrooms in Bangkok including Euro Creations in Thong Lor area and Natuzzi Italia at Siam Paragon shopping center. In the first nine months of 2023, general customers contributed to 67 percent of its total revenue while corporate customers made up 32 percent and others 1 percent.
EURO has a paid-up capital of THB 152.5 million, consisting of 250 million existing common shares and 55 million newly issued shares with a par value of THB 0.50 each. On top of the newly issued shares, existing shareholders sold 23 million shares through the IPO, of which 49.06 million shares were offered to persons at underwriters' discretion, 15 million shares to institutional investors, 11.7 million shares to its patrons, and 2.24 million shares to its board of directors and executives on January 31 and February 1-2, 2024, at THB 10.60 baht each, with the offering value of THB 826.80 million. The IPO price was based on book building and was equivalent to price-to-earnings ratio (P/E ratio) of 18.13 times. The earning per share is equal to THB 0.58, which was calculated from the company's net profit of THB 178.30 million over the past 12 months (from October 1, 2022, to September 30, 2023), divided by fully diluted shares. Trinity Securities Co., Ltd. is the financial advisor and lead underwriter.
EURO Chief Executive Officer Kevin Gambir said that for 25 years the company has been dedicated to sourcing products and providing customers with impressive experience throughout customers' journey in order to meet demand in all areas of their life. The company's knowledgeable and experienced experts perfectly meet customers' requirements at every stage of decoration at homes, hotels, office buildings and sports clubs. The proceeds arising from the fundraising will be spent on business expansion by building three new showrooms, two on Thong Lor Road in Bangkok and one in Phuket province. The proceeds will also be used for loan repayment and as the company's working capital.
EURO's major shareholders after the IPO are the Gambir family (59.54 percent) and the Amornrattanavej family (14.89 percent). The company's dividend policy is to pay at least 30 percent of net profit from its separate financial statements after tax and legal reserves.
For more information on EURO, 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.eurocreations.co.th and www.set.or.th.
Source: SET Corporate Communications