Sermsang Power Corporation, Thai alternative energy producer, plans to sell 276.38 million shares, equivalent to 30 per cent of the total registered capital, in an initial public offering (IPO) in Thailand.
It submitted the first filing to the Office of Securities and Exchange Commission on January 31 and is to be listed on the Market for Alternative Investment.
Of the total IPO shares, the newly issued shares will not exceed 230.375 million shares and the existing shareholders sell out will not exceed 46 million shares, the filing said.
In the filing, the company said that the IPO proceeds will be used to expand the business domestically and internationally and repay the loan over the next three years.
Currently, Sermsang Power has operated a solar energy farm with the installed capacity of 52 megawatts in Lopburi province and made a joint venture in a solar farm with the installed capacity of 21 megawatts in Japan under the GK-TK scheme.
The project in Japan, with total investment of 7.82-8.32 billion yen, remains under the construction. It is scheduled to commence a commercial operation in the first quarter of next year.
According to the filing, it has a registered capital of 922 million baht, divided into 922 million shares at the par value of 1 baht. It reported the revenue of 660 million baht and the net profit of 385.6 million baht for the first nine months of last year.
Primary Energy Co Ltd, the major shareholder, makes up for 40 per cent, followed by Unity I. Capital Limited holding 35 per cent and Mr. Wiwat Kraipisitkul sharing 10 per cent.
After IPO, Primary Energy’s shares will be diluted to 30 per cent, Unity I. Capital Limited 21.3 per cent and Kraipisitkul 7.5 per cent.
It appoints Kasikorn Securities as a financial advisor and lead underwriter for the IPO.
DEALSTREETASIA Pte. Ltd. is a news and intelligence platform providing reports on investments, mergers, acquisitions, private equity, venture capital, investment banking and the business of startups across the Asian region.
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