mai welcomes smart door and wall supplier “PANEL” on Feb 22

Published on 21/02/2024

BANGKOK, February 21, 2024 – Market for Alternative Investment (mai) will list PanelesMatic Solutions pcl, a specialized supplier for movable soundproof partitions, automatic operating room doors and smart access control systems, on Feb 22 under the ticker symbol “PANEL”. The company has a market capitalization at its initial public offering (IPO) of THB 699.20 million (approx. USD 19.39 million).


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


PANEL is a manufacturer and distributor of movable soundproof partitions, glass doors and automated door systems which are interior products for general buildings under the PANELÉS brand. The company is also the official importer and distributor in Thailand for products made in Spain under the MANUSA brand for use at hospitals. They include automatic hermetic doors for operating rooms and X-ray doors. The company has its plant in Khlong Luang district of Pathumthani province for made-to-order products to serve demand of customers who are construction services providers, property owners and the architects specializing in hospital construction, hotels, companies and stores. During the first nine months of 2023, the company generated revenue from the sales of interior products, hospital products, and services and others at the ratio of 60:30:10 respectively.


PANEL has a paid-up capital of THB 95 million, consisting of 140 million existing common shares and 50 million newly issued shares with a par value of THB 0.50 each. The company offered the newly issued shares to persons at underwriters’ discretion during February 14-16, 2024, at THB 3.68 baht each, with the offering value of THB 184 million in total. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 29.72 times. The earning per share is equal to THB 0.12, which was calculated from the company’s net profit of THB 23.53 million over the past 12 months (from October 1, 2022, to September 30, 2023), divided by fully diluted shares. S14 Advisory Co., Ltd. is the financial advisor and Globlex Securities Co., Ltd. is the lead underwriter.


PANEL Chief Executive Officer Julia W Petpaisit said the company specializes in movable soundproof partitions, automatic doors for operating rooms and smart access control systems. For 34 years, it has been determined to be a one-stop providers of services  including design, procurement, installation and after-sales services. The proceeds arising from the fundraising will be used to build a new factory, purchase machines to increase its production capacity and productivity, repay loans and as working capital.


PANEL’s major shareholders after the IPO are the Julia Petpaisit’s family (40.53 percent) and Aungsurus Areekul (33.16 percent). The company’s dividend policy is to pay at least 40 percent of net profit from its separate financial statements after tax and legal reserves.


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