mai welcomes industrial stone product manufacturer “STX” on April 26

Published on 25/04/2024

BANGKOK, April 25, 2024 – Market for Alternative Investment (mai) will list Stone One pcl, a manufacturer and distributor of industrial stone products for construction and dolomite minerals, on April 26, 2024 under the ticker symbol “STX”. The company has a market capitalization at its initial public offering (IPO) of THB 921.40 million (approx. USD 24.91 million).


mai President Prapan Charoenprawatt said that STX will be listed and start trading on mai in the Property & Construction industry group.


STX and its subsidiaries operate a comprehensive mining business for stone and minerals, including transportation services to customers at work sites. The company holds two mining concessions: 1) Nong Kha mine in Si Racha District, Chonburi Province (southeast of Bangkok), producing and distributing granite used in building and road construction to customers in Chonburi Province and the Eastern Economic Corridor (EEC) area; and 2) Chom Bueng mine in Chom Bueng District, Ratchaburi Province (west of Bangkok), producing and distributing limestone and dolomite minerals used in construction, cement, glass production, soil balancing or water treatment industries. As of the end of 2023, the two mines had reserves of 1.17 and 13.82 million tons, which will be depleted by 2025 and 2030, respectively. In 2023, the group’s revenue structure by product was granite : limestone : dolomite minerals at 33 : 55 : 12, respectively.


STX has a paid-up capital of THB 307.13 million after the IPO, consisting of 242.13 million existing ordinary shares and 65 million newly issued shares with a par value of THB 1.00 per share. Of the newly issued shares, 64 million were offered to persons at the underwriters’ discretion, 0.50 million to the company’s patrons, and another 0.50 million to the company’s directors, executives, and employees during April 18-19 and April 22, 2024 at THB 3.00 per share, raising THB 195 million in total. The IPO price was based on a price-to-earnings (P/E) ratio of 24.22 times. The earnings per share is equal to THB 0.12, which was calculated from the past 12 months’ net profit (for year 2023), divided by fully diluted shares. I V Global Securities pcl is the financial advisor and lead underwriter.


STX Chief Executive Officer Songwut Vejjanukroh said that the company has set a goal to expand material sources and production to extend the business to cover all regions, based on the principles of sustainable development and social and environmental responsibility. Proceeds from the capital raising will be used to invest in or acquire stone and mineral mining businesses, or construct factories, purchase machinery and related equipment, and as working capital.


After the IPO, STX’s major shareholders are Jrarat Pingkhlasai family’s group (34.86 percent), the Ano family’s group (33.56 percent), and Siam Watcharaprecha (3.91 percent). The company’s dividend policy is to pay shareholders no less than 50 percent of net profit from the separate financial statements after tax and legal reserves.


For more information on STX, please see the company’s prospectus at the Securities and Exchange Commission’s website at, and general information on and