Bangkok: Inter Royal Engineering PCL, an engineering service provider specializing in products for power plant and industrial plant systems, is set to commence trading on the Market for Alternative Investment (MAI) on November 5, carrying a market capitalization of THB 1,495 million at the IPO price under the ticker ‘IROYAL’. Mr. Prapan Charoenprawat, Manager of the MAI, announced the listing, welcoming the company under the Service Group category.
According to Thai News Agency, IROYAL and its subsidiaries excel in sourcing and distributing specialized products used in various industrial systems. These products are categorized into combustion systems, waste and exhaust management systems, heat exchange systems, and other related systems. The company offers a full suite of services, including installation, maintenance, design, and consultation, catering to both domestic and international clients. In the first half of 2024, the company’s revenue from domestic customers stood at 26%, while 74% came from interna
tional clients, with significant contributions from a state-owned energy enterprise in Thailand and a private firm in Laos. As of June 30, 2024, the company reported 63 million baht in pending work.
Post-IPO, IROYAL has a paid-up capital of 115 million baht, with shares having a par value of 0.50 baht each. The public offering included 58 million newly issued shares, priced at 6.50 baht per share, generating 377 million baht in offering value. With a price-to-earnings ratio of 15.83, derived from net earnings per share of 0.41 baht, the IPO was managed with Asset Pro Management Co., Ltd. as the financial advisor and Maybank Securities (Thailand) Public Company Limited as the underwriter.
Mr. Phannapat Mekhasuwandamrong, CEO of IROYAL, highlighted the firm’s extensive experience of over 40 years in delivering equipment and solutions, aiming to enhance customer satisfaction and confidence. The capital raised will be allocated towards securing work contracts with government, state enterprises, and private sect
ors, along with providing working capital for operational needs.
Post-listing, the major shareholders of IROYAL include the Praphatphotiphong family with 59.67% of shares and Mr. Phanapat Mekhasuwandamrong with 6.05%. The company has committed to a dividend policy of distributing no less than 50% of net profit to shareholders after deducting corporate income tax and necessary reserves.