mai welcomes IT system integration NAT on Feb 15

Published on 15/02/2024

BANGKOK, February 14, 2024 – Market for Alternative Investment (mai) will list NAT Absolute Technologies pcl – an end-to-end consulting, design, supply and installation service provider for information and communication systems – on Feb 15 under the ticker symbol “NAT”. The company has a market capitalization at its initial public offering (IPO) of THB 1.77 billion (approx. USD 49.25 million).


mai President Prapan Charoenprawatt said NAT will be listed and start trading on mai in the Technology industry group. NAT provides consulting, design, supplies, distributes and installs equipment, and IT system integration services. The company also offers maintenance and other services including IT personnel deployment, network cabling, indoor system solutions, and leases on printers, photocopiers and computers. NAT has been awarded Dell Technologies Titanium Partner, the highest level of the program, and provided with technological knowledge, promotions and trade discounts. Moreover, the company is the business partner of many other leading manufacturers. In the first nine months of 2023, the ratio of the company’s revenue from equipment sales and system integration : related services accounted for 98:2 percent. Most customers are state enterprises. Its backlog as of September 30, 2023, amounted to THB 551.80 million. NAT has a paid-up capital of THB 164 million, consisting of 236 million existing common shares and 92 million newly issued shares, with a par value of THB 0.50 each. It offered up to 13.8 million shares to its patrons, up to 4.25 million shares to the company’s related persons, up to 4.30 million shares to its board of directors, executives and employees, and at least 69.65 million shares to persons at underwriters’ discretion during February 8-9 and 12, 2024. The IPO shares were priced at THB 5.40 each for a total of THB 496.80 million in fund raised. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 12.56 times. The earning per share is equal to THB 0.43, which was calculated from the company’s net profit of THB 141.29 million over the past four quarters (from October 1, 2022, to September 30, 2023), divided by fully diluted shares. Asset Pro Management Co., Ltd. is the financial advisor and Finansia Syrus Securities pcl is the lead underwriter. NAT Chief Executive Officer Sutee Apichonratanakorn said the company has been in business for 19 years as the trading and business partner of internationally recognized manufacturers. The company helps boost customer’s competitive advantage and offers quality services through its teams of knowledgeable experts. The company quickly adapts to changes in technologies and comprehensively meets the demand of its customers. The proceeds arising from the fundraising will be used as working capital and to recruit additional personnel to increase opportunities in expanding its future customer base. NAT’s major shareholders after the IPO are Napasu Co., Ltd. (35.98 percent) and Profit Excellence Holding Co., Ltd. (35.98 percent). The company’s dividend policy is to pay at least 40 percent of net profit from its separate financial statements after tax and reserves required by law and other purposes.


For more information on NAT, please see the company’s prospectus at the Securities and Exchange Commission’s website at; and for general information, please visit and