BANGKOK, April 2, 2024 — The Market for Alternative Investment (mai) will list BPS Technology pcl, a distributor of electrical connectivity equipment within buildings, technology-related products, solar rooftop, fiber optic network for communication, and products that facilitate convenience for residences and commercial buildings, on April 3, 2024 under the ticker symbol “BPS”. The company has a market capitalization at its initial public offering (IPO) of THB 360 million (approx. USD 9.88 million).
mai President Prapan Charoenprawatt said BPS will start trading on mai in the Industrials industry group.
BPS is a provider and distributor of products related to electrical systems and technology equipment. Currently, BPS’s business has become a solution provider with a strategy to extend existing products and services into a comprehensive range of technology and digital products and services. The company serves as a hub for housing-related products and services for residents, corporate customers, and factories. Additionally, the company has obtained a telecommunications business license that allows it to provide network service to the public. BPS has started installing fiber optic cables in condominiums to provide communication service to residents in collaboration with internet service providers, which will generate recurring income for the company. In 2023, the company’s main revenue derived from product sales, divided into electrical connectivity products (80.39 percent), solar power generation products (5.40 percent), technology and communication products (1.40 percent), and service revenue (12.81 percent).
BPS has a paid-up capital of THB 200 million after the offering, consisting of 280 million existing ordinary shares and 120 million newly issued shares. Of the total newly issued shares, 90 million shares were allotted to persons at the underwriters’ discretion, 18 million shares offered to the company’s patrons, and 12 million shares offered to the company’s directors, executives, and / or employees during March 27-29, 2024 at THB 0.90 per share, raising capital of THB 108 million in total. The IPO price was equivalent to the price-to-earnings (P/E) ratio of 18 times. The earnings per share is equal to THB 0.12 which was calculated from the net profit over the past 12 months (year 2023), divided by fully diluted shares. Phillip Securities (Thailand) pcl is the financial advisor and lead underwriter.
BPS Chief Executive Officer Surapong Saretchapan said that over the past 19 years, the company has been a comprehensive source of electrical system equipment and telecommunication technology products. The company is committed to driving business growth through digital transformation for sustainability by developing products and services in the form of solutions to enhance the quality of life for customers. The proceeds from the capital raising will be invested in various projects, comprising the expansion of the solar rooftop system installation business, equipment and installation of smart home innovations, fiber optic equipment and installation for communication and a learning center for technicians, and used as the company’s working capital.
After the IPO, BPS’s major shareholders are Surapong Saretchapans group (45.16 percent), SME Trust (Sub-Fund 2) (13.55 percent), and Pattaraporn Kaewpoca (11.29 percent). The company’s dividend policy is to pay shareholders no less than 40 percent of net profit after tax and legal reserves.
For more information on BPS, please see the company’s prospectus at the Securities and Exchange Commission’s website at www.sec.or.th, and general information on www.big-eletric.com and www.set.or.th.
